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NTES, CTRP, CAAS are overbought

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strong_2 February 29, 2012 (Chinavestor) As the DJIA broke through the 13,000 level for the first time since May 2008, the most overbought China stock list got a lot bigger. Ctrip.com Int. (NASDAQ:CTRP) is on top of the list but China Automotive Systems (NASDAQ:CAAS) and NetEase.com Inc. (NASDAQ:NTES) investors should also start taking profits. Qihoo 360 Technology (NYSE:QIHU), China Finance Online (NASDAQ:JRJC) and China Housing & Land Development (NASDAQ:CHLN) are also stocks of concern.

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There is not much to find on the oversold screen other than CSKI's fall from grace. The stock is delisted from the NASDAQ along with CMED, CCGM and others in February.

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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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