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Overbought solar stocks Feb 10

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rotation February 10, 2012 (Chinavestor) Chinese solar stocks had their day on Thursday. Trina Solar (NYSE:TSL) surged to over $12, up 40% in one day, before retreating to $10.95. Jinko Solar (NYSE:JSK) is overbought along with Suntech Power (NYSE:STP) and Yingli Green energy (NYSE:YGE). But it's not just the solar sector that is vulnerable right now. Large cap CNOOC Ltd. (NYSE:CEO) is also in jeopardy just like Aluminum Corp. of China (NYSE:ACH).

The overbought list doesn't stop there. Yucheng Technologies (NASDAQ:YTEC) is ready for a correction along with a whole lot more Chinese stocks. See chart below.

The reason we started out with solar stocks like Trina Solar (NYSE:TSL) and Suntech Power (NYSE:STP) is that these are some of the largest, most liquid solar names. Yingli green Energy (NYSE:YGE) is also a dominant player.

OB_20120210

AgFeed Industries (NASDAQ:FEED) chose voluntary delisting from the NASDAQ and will be off the oversold screen soon. Sohu.com Inc. (NASDAQ:SOHU) fell hard after disappointing 2011 Q4 and low guidance but more downside is possible, according to the oversold chart.

OS_20120210

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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