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China stocks neutral ahead key jobs data

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politics October 7, 2011 (Chinavestor) Despite a strong two day winning streak, most Chinese stocks haven't reached extreme overbought position. The only major Internet stocks left on the oversold screen is Sina Corp. (NASDAQ:SINA) today. Stocks of interest on today's technical charts include Changyou.com Inc. (NASDAQ:CYOU), China Eastern Airlines (NYSE:CEA) and Fushi Copperweld (NASDAQ:FSIN).

Fushi Copperweld (NASDAQ:FSIN) 23.1% since in the last two days but isn't overbought yet. Given the strengthening commodity prices and a not extreme overbought position, more upside looks possible for the stock.

The rest of Chinese stocks are not all that indicative on the overbought screen today.

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There are no oversold China stocks to the extreme today. Changyou.com Ltd. (NASDAQ:CYOU) rose over 17% in the last few days, making up for earlier losses. Still, the stock is off 45% since July highs, indicating a whole lot more room is left to the upside.

Chinese technology stocks bounced off historical lows on Wednesday and Thursday. All but Sina Corp. (NASDAQ:SINA) are gone from the oversold screen by Friday. Sina Corp. (NASDAQ:SINA) is expected to close in on the rest of the sector, indicating more upside is left.

Chinese airliners were oversold to the extremes earlier the week but made a remarkable recovery. Despite some gains, outlook for China Eastern Airlines (NYSE:CEA) looks promising.

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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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