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JOBS, SINA, CTRP - upside potential

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questionmark November 10, 2011 (Chinavestor) Large cap stocks, SNP, HNP and LFC, move away from overbought positions yesterday. Linktone Ltd. (NASDAQ:LTON) and City Telecom (NASDAQ:CTEL) are considered overbought at this point. Most of the action took place on the oversold monitor yesterday. China Telecom (NYSE:CHA) became oversold and is expected to bottom out. Global Sources (NASDAQ:GSOL) fell from over $8 a share to $6.3 and is trading at extremes. Internet stocks of interest on the screen include Ctrip.com Int. (NASDAQ:CTRP) and Sina Corp. (NASDAQ:SINA). 51 job Inc. (NASDAQ:JOBS) reported after the close and is a stock of interest as well. 51jobs 2011 Q3 shines

 

The overbought monitor picked up strong momentum of City Telecom (NASDAQ:CTEL). The stock is on fire and has advanced too much, too fast, according to the monitor below. Linktone (NASDAQ:LTON) and Vimicro Int. (NASDAQ:VIMC) are also trading at extremes but their low volume renders the overbought monitor inaccurate.

OB_20111110

China Telecom (NYSE:CHA) fell too much, too fast and is ready to bottm out.

Sina Corp. (NASDAQ:SINA) reported mixed results on Wednesday but fell hard as market sentiment was deeply negative. It's going to be 51job Inc. (NASDAQ:JOBS) that may restore some confidence into Chinese internet stocks.

Ctrip.com Int. (NASDAQ:CTRP), just like Sina Corp. (NASDAQ:SINA), is not oversold to extremes yet. More downside is possible albeit not necessary. Rather, these stocks offer opportunity to buy them in a dip.

OS_20111110

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.

aa_OBOS_expl_2weeks



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