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Energy stocks lead China ADRs higher as March ends

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forecast1 March 31, 2011 (Chinavestor) Petrochina Co. Ltd. (NYSE:PTR) and Yanzhou Coal Mining (NYSE:YZC) are showing extraordinary momentum, according to the overbought chart below. CNOOC ltd. (NYSE:CEO) and Puda Coal (NASDAQ:PUDA) are also stocks of interest on the screen along with selected solar names like Trina Solar (NYSE:TSL). Internet stocks took a breather, as expected, giving them the room they needed before resuming the rally. Upside potential is for real for Baidu.com Inc. (NASDAQ:BIDU) and NetEase.com Inc. (NASDAQ:NTES) as well but Sina Corp. (NASDAQ:SINA) looks vulnerable.

Advanced Battery Technologies, Inc (NASDAQ:ABAT) and China Integrated Energy (NASDAQ:CBEH) fell apart this week, according to the oversold screen. Both stocks fell on allegations related to book cooking, something that will keep them in the low end of their trading envelope, or worse. Other than that, the oversold screen is not all that informative today - giving way to overbought stock extremes.

Petrochina Co. Ltd. (NYSE:PTR) has reached theoretical highs and may take a breather on Thursday - a perfect day for profit taking. Another energy stock, Yanzhou Coal Mining (NYSE:YZC), has been on the roll as well, limiting upside potential. But with the turmoil in Libya dragging on, high oil prices continue to support these stocks. CNOOC Ltd. (NYSE:CEO), China's offshore oil driller, enjoys high oil prices as well. Even smaller Puda Coal (NASDAQ:PUDA) showed up on the overbought screen this morning.

Solar stocks had a roller couser ride lately but Trina Solar (NYSE:TSL) is seens as a winner. The incident in Japan helped the sector but then it fell out of favor.

Baidu.com Inc. (NASDAQ:BIDU) and NetEase.com Inc. (NASDAQ:NTES) have sustainable momentum, according to the overbought screen. But investors have to pay attention to Sina Corp. (NASDAQ:SINA) for it is trading way above its trading range. That limits short term upside potential.

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Advanced Battery Technologies, Inc (NASDAQ:ABAT) and China Integrated Energy (NASDAQ:CBEH) collapsed over the week as allegations of financial wrongdoings surfaced. More downside is clearly possible.

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Overbought A technical condition that occurs when prices are considered too high and susceptible to a decline. Overbought conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp advance from $15 to $30 in 2 weeks might lead a technician to believe that a security is overbought. Or, a security is sometimes considered overbought when the stock is trading out of its trading envelope and is approaching the theoretical high. It is important to keep in mind that overbought is not necessarily the same as being bearish. It merely infers that the stock has risen too far too fast and might be due for a pullback.

Oversold A technical condition that occurs when prices are considered too low and ripe for a rally. Oversold conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp decline from $30 to $15 in 2 weeks might lead a technician to believe that a security is oversold. Or, a security is sometimes considered oversold when the stock is trading below its trading envelope and is approaching theoretical lows. It is important to keep in mind that oversold is not necessarily the same as being bullish. It merely infers that the security has fallen too far too fast and may be due for a reaction rally.

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