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China stocks on the move, April 28

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advance6 April 28, 2011 (Chinavestor) With no change on the top of the overbought chart from yesterday, today's analysis will focus on stocks with sustainable momentum. These are Sohu.com Inc. (NASDAQ:SOHU), China Finance Online (NASDAQ:JRJC) and Changyou.com Inc. (NASDAQ:CYOU). However Ku6 Media Co. (NASAQ:KUTV) and New Oriental Education (NYSE:EDU) look more vulnerable on the overbought monitor below. Stocks of interest on the oversold monitor include China Life Insurance (NYSE:LFC), Synutra International (NASDAQ:SYUT) and Longtop Financial (NYSE:LFT).

Back to the overbought screen. China Fire & Security (NASDAQ:CFSG) and Gigamedia Hold. (NASDAQ:GIGM) are on the top of the monitor - albeit low volume renders technical indicators less accurate.

Strong quarterly earnings catapulted Sohu.com Inc. (NASDAQ:SOHU) and Changyou.com (NASDAQ:CYOU) earlier the week. Despite sizable gains, both stocks seem to have more upside left.

China Fiance Online (NASDAQ:JRJC) is looking similar to Changyou.com Inc. (NASDAQ:CYOU) on the overbought screen, a positive development for the stock.

But downside risk is on the rise for Ku6 Media Co. (NASAQ:KUTV) and New Oriental Education (NYSE:EDU). Both stocks have been stepped out of their trading range and are in vulnerable position right now.

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China Life Insurance (NYSE:LFC) fell on disappointing net growth- or rather a 20% decline. Despite some correction, more downside is possible for the stock.

Synutra International (NASDAQ:SYUT) and Longtop Financial (NYSE:LFT) are closer to theoretical lows and might pop any time.

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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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