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Resource stocks continue recovery

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money_3 October 10, 2011 (Chinavestor) A download error sent Wonder Auto (WATG) to the top of the overbought chart .Stocks of real interest are from the resource / precious metal sector. Silvercorp Metals (NYSE:SVM) as well as Fushi Copperweld (NASDAQ:FSIN) are not overbought despite sizable advances last week.

Stocks of interest on the oversold screen include Sina Corp. (NASDAQ:SINA), as one of the last major internet stock on the list. Changyou.com Ltd. (NASDAQ:CYOU) came back from 52 week lows last week but has a lot more upside potential left. Shanda Games (NASDAQ:GAME) and China Telecom (NYSE:CHA) are stocks of interest on the oversold screen due to their sound volume and profile.See bottom chart for details. There are no overbought China stocks at the moment. one of the most important developments on this technical screen is the strength resource stocks have displayed lately. Fushi Copperweld (NASDAQ:FSIN) is trading within its normal trading range again and is far from overbought!

Silvercorp Metals (NYSE:SVM) is very similar from a technical point of view. Both stocks have a lot more upside left, according to the overbought monitor below.

OB_20111010

Sina Corp. (NASDAQ:SINA) is still trading below its normal trading range. Considering that all of her peers have bounced back off a lot more aggressively, it may be Sina's turn this time to make up some lost ground. While Sina Corp. (NASDAQ:SINA) is not oversold to the extremes, chances are that the stock will make a sound comeback this week.

Another stock of interest from the Internet sphere is Changyou.com Ltd. (NASDAQ:CYOU). This online gamer is not oversold to the extremes either but has a real chance to continue a recovery. One thig looks certain : the stock has more upside potential than downside risk at this point.

Shanda Games (NASDAQ:GAME) has more downside risk left though. The stock is far from theoretical lows and now it's up to market sentiment where shares of the company are going to go.

China Telecom (NYSE:CHA) is not looking too good. Chinese telecoms act as a safe haven when markets fall but telcos lost their shine lately ass risk appetite is back. The stock may continue to trade sideways before any significant comeback.

OS_20111010

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.

aexpl-obos


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