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China internet stocks in narrow range

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warning3 July 18, 2011 (Chinavestor) Small cap AgFeed Industries (NASDAQ:FEED) and China Sky One Medical (NASDAQ:CSKI) are clearly overbought while China Southern Airlines (NYSE:ZNH) is a question. The small arrow size, representing current stock price vs. price two weeks ago, for NetEase.com Inc. (NASDAQ:NTES), Baidu.com Inc. (NASDAQ:BIDU), and Melco Crown Entertainment (NASDAQ:MPEL) testifies that these stocks have traded in a narrow range lately. Sina Corp. (NASDAQ:SINA) and 51job Inc. (NASDAQ:JOBS) are similarly looking for short term direction. With no oversold stock extremes, investors have to pay attention to relative bog movers like JA Solar (NASDAQ:JASO), Yanzhou Coal Mining (NYSE:YZC) and Mindray Medical (NYSE:MR).

Downside risk exceeds upside potential for AgFeed Industries (NASDAQ:FEED) and China Sky One Medical (NASDAQ:CSKI).

Falling oil prices bode well for China Southern Airlines (NYSE:ZNH), a stock that has unusual momentum and potential for more upside.

Investors have been on and off of Chinese internet stocks lately. The earnings season is about to start for the sector with Sohu.com Inc. (NASDAQ:SOHU) reporting on August 1st. Upside is possible for NetEase.com Inc. (NASDAQ:NTES) or Baidu.com Inc. (NASDAQ:BIDU), while Melco Crown Entertainment (NASDAQ:MPEL), an excellent trading stock, is subject to market sentiment.

Sina Corp. (NASDAQ:SINA) will react to Sohu's earnings just like 51job Inc. (NASDAQ:JOBS).

OB_2011718

Significant fall of  JA Solar (NASDAQ:JASO) doesn't mean the stock has reached bottom yet. More downside is possible for Yanzhou Coal Mining (NYSE:YZC) and Mindray Medical (NYSE:MR) for both these stocks are far from theoretical lows.

OS_2011718

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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