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After pullback, solar stocks OK

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bottom_fishing_1 December 13, 2011 (Chinavestor) ChinaEdu Corp. (NASDAQ:CEDU) became overbought and is ready for a pullback, according to the following chart below. Qihoo 360 Technology (NYSE:QIHU) is getting close to the danger zone for the stock has approached theoretical highs. Chinese solar stocks have pulled back lately clearing the way for more upside. Suntech Power (NYSE:STP) and LDK Solar (NYSE:LDK) has room left to the upside. Agria Corp. (NYSE:GRO) is the most interesting stock among oversold ones as the second chart testifies.

Back to the overbought screen. Qihoo 360 Technology (NYSE:QIHU) advanced sharply lately but is still trading within its trading envelope. This suggest more upside is possible albeit the stock is trading close to theoretical highs. Investor have to exercise caution and start profit taking soon.

China Edu Corp. (NASDAQ:CEDU) is clearly overbought and is ready to take a breather.

Chinese solar stocks are looking good from a technical point of view today. Suntech Power (NYSE:STP) is trading within its trading envelope and has a lot more upside left. LDK Solar (NYSE:LDK) is more volatile but has room left to the upside as well.

NetEase.com Inc. (NASDAQ:NTES) is looking good despite some advances lately. The stock is crawling higher on the overbought screen.

OB_20111213

Agria Corp. (NYSE:GRO) is the most oversold China stock at the moment. While it is hard to tell when the stock will hit bottom, one thing looks certain. Upside potential exceeds downside risk for the stock.

OS_20111213

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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