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Look who's overbought early March

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eye March 2, 2012 (Chinavestor) There are lot of overbought China stocks this morning. Ctrip.com Int. (NASDAQ:CTRP) is trading closest to theoretical highs but the list doesn't stop there. Shanda Games (NASDAQ:GAME), Qihoo 360 Technology (NYSE:QIHU) and KongZhong Corp. (NASDAQ:KONG) have stretched too thin as well. Seaspan Corp. (NYSE:SSW) may enjoy more of the good times on Friday for transportation stocks rocked in Hong Kong earlier in Asia. But investors may want to take profits on Friday for SSW is overbought.

51job Inc. (NASDAQ:JOBS) may have more upside left despite latest run, just like China Telecom (NYSE:CHA) or Mindray Medical (NYSE:MR).  NetEase.com Inc. (NASDAQ:NTES) is looking good as well, according to the overbought chart below.

OB_20120302

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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