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Chinese momentum stocks for April 8

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advance_12 April 8, 2011 (Chinavestor) Despite sizable gains, New Oriental Education (NYSE:EDU), Ctrip.com (NASDAQ:CTRP), Melco Crown Entertainment (NASDAQ:MPEL) and Sohu.com Inc. (NASDAQ:SOHU) have more upside potential, according to the overbought monitor. NetEase.com Inc. (NASDAQ:NTES) and Sina Corp. (NASDAQ:SINA) are on the roll as well. Puda Coal (NASDAQ:PUDA) fell hard but may continue to do so until it hits theoretical lows, according to the oversold chart on the bottom of the page.

But Friday is about momentum stocks. New Oriental Education (NYSE:EDU) is back after a soft 2010 fourth quarter. More upside is possible for Ctrip.com (NASDAQ:CTRP) for the stock hasn't reached theoretical highs yet. Melco Crown Entertainment (NASDAQ:MPEL) remains an excellent trading stock albeit risk is on the rise. Sohu.com Inc. (NASDAQ:SOHU) may give a run to $100 today, a level not too extreme according to the overbought monitor.

NetEase.com Inc. (NASDAQ:NTES) and Sina Corp. (NASDAQ:SINA) are trading above their trading envelopes but are not at dangerous levels. Should market sentiment remain strong, both stocks are expected to climb.

OB_201147

There isn't much change on the oversold screen from yesterday. Puda Coal (NASDAQ:PUDA) is almost oversold but with more room left to the downside, Friday may not be the day many investors are hoping for. But the sudden fall of the stock is certainly a story investors have to pay attention to.

OS_201147

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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