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Oversold energy, resource stock list

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bottom_fishing_1 August 9, 2011 (Chinavestor) Large cap Chinese stocks took the lead on the oversold screen today. China energy stocks plunged as price of oil fell below the $80 mark. Petrochina Co. Ltd. (NYSE:PTR) is the most oversold China stock at the moment followed closely by CNOOC ltd. (N YSE:CEO) and Yanzhou Coal Mining (NYSE:YZC). China Unicom (NYSE:CHU), the second largest mobile carrier is oversold just like Aluminum Corp. of China (NYSE:ACH), HSBC Plc. (NYSE:HBC) and Huaneng Power Int. (NYSE:HNP).  Trading stock Melco Crown Entertainment (NASDAQ:MPEL) fell hard just like General Steel (NYSE:GSI) among smaller stocks. Mid-sized medical equipment maker Mindray Medical (NYSE:MR) has a lot of ground to make up as well. The overbought monitor is absent from today's report for it was hard enough to find stocks that advanced on the first place.

Outlook remains dim for Chinese energy stocks despite reaching extreme oversold positions. Petrochina Co. Ltd. (NYSE:PTR), China's largest oil producer, is considered oversold. But when price of oil continues to fall, so is Petrochina (NYSE:PTR). The same logic applies to CNOOC Ltd. (NYSE:CEO), China's laargest offshore oil driller.

Price of coal is tied to thats of oil in Chcina, hirting coal miners these days. Yanzhou Coal Mining (NYSE:YZC) is sure to feel the pinch.

Chinese telcos fell along the market with China Unicom (NYSE:CHU) tumbling the sharpest. Resource and financial stocks fell hard in Hong Kong on Tuesday casting a shadow over Aluminum Corp. of China (NYSE:ACH) and HSBC Plc. (NYSE:HBC). But Huaneng Power Int. (NYSE:HNP) may have established a bottom, if trading in Hong Kong were proxy for ADRs.

Melco Crown Entertainment (NASDAQ:MPEL), a smaller stock than its NYSE counterparts, fell hard  but may turn around with improving market sentiment.

General Steel (NYSE:GSI), a Chinese rebar maker, is approaching a penny stock status today.

Earnings may help Mindray Medical (NYSE:MR) to a sharp rebound for the stock is oversold and reported sound numbers.

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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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