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Chinese internet stocks on sale in June

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sale2 June 8, 2011 (Chinavestor) Gushan Environmental Energy (NYSE:GU) and Qihoo 360 Technology Co Ltd (NYSE:QIHU) advanced over 10% on Tuesday but neither are overbought at the moment. But most of the action is taking place among most oversold Chinese stocks. 51job Inc. (NASDAQ:JOBS) is now officially oversold and is ready to pop any time. Internet darlings experienced a heavy sell-off. Sina Corp. (NASDAQ:SINA) and Sohu.com Inc. (NASDAQ:SOHU) are all trading near theoretical lows. Search engine giant Baidu.com Inc. (NASDAQ:BIDU) is among the most five oversold China stocks, a surprise to many.

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Qihoo 360 Technology Co Ltd (NYSE:QIHU) made a comeback on Tuesday, erasing some of the losses from earlier the week. But support is questionable and latest pop is not an indication of additional upside.

Looking at the most oversold China stocks screen below, 51job Inc. (NASDAQ:JOBS) continues to lead the list. The stock fell hard all the way to theoretical lows. Given that the stock has solid fundamentals, chances are that buying it under $48 will pay off.

Internet heavy weight Sina Corp. (NASDAQ:SINA) and Sohu.com Inc. (NASDAQ:SOHU) are oversold as well. There has been a broad sell-off lately as market sentiment turned sour. Sina, Sohu and China's top search engine company Baidu.com Inc. (NASDAQ:BIDU) were among the best performing Chinese stocks in 2010 and so far in 2011. With market sentiment turning bearish, stocks with the most gains are susceptible to profit taking.

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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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