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Tech, airliners ready for more upside

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advance9 October 12, 2011 (Chinavestor) Despite sizable advances among technology and transportation stocks, there are not overbought. The monitor picked up unusual advances at China Life Insurance (NYSE:LFC), Silvercorp Metals (NYSE:SVM), CNOOC ltd. (NYSE:CEO) and New Oriental China Education (NYSE:EDU). And while Yingli Green Energy (NYSE:YGE) advanced 5.8% on Tuesday, other solar stocks continued to suffer, like Canadian Solar (NASDAQ:CSIQ) or ReneSola Ltd. (NYSE:SOL). China Telecom (NYSE:CHA) is not oversold but is showing weakness as well.

Back to the overbought screen. All told, not a single China stock is overbought at the moment. China Life Insurance (NYSE:LFC) is the first stock of interest with sufficient volume and good size market cap include . The stock is still trading in the lower end of its trading envelope. More upside is possible.

Resource stocks have additional upside left as well. Silvercorp Metals (NYSE:SVM) or Fushi Copperweld (NASDAQ:FSIN) are still far from theoretical highs.

Large cap CNOOC Ltd. (NYSE:CEO) is not showing much momentum yet but that's because it's coming off a slump. Expect the stock do shine more in the upcoming days.

New Otriental Education (NYSE:EDU) has approached $30 level and may week reach it, according to the overbought monitor.

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Solar stocks were all mixed on Tuesday. Canadian Solar (NASDAQ:CSIQ) and ReneSola Ltd. (NYSE:SOL) are not oversold but simply lack momentum. China Telecom (NYSE:CHA) is also in the poor house when it comes to momentum. There isn't too much to cheer about this company from a technical point of view.

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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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