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Careful with overbought SSW, CTRP

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advance_8 March 5, 2012 (Chinavestor) Looking at Seaspan Corp. (NYSE:SSW), it may be time to take profits off the table. The stock is clearly overbought and is ready to take a breather. Technology stocks are on fire as well, such as Ctrip.com Inc. (NASDAQ:CTRP), 51job Inc. (NASDAQ:JOBS) and Qihoo 360 Technology (NYSE:QIHU). These stocks are vulnerable when market sentiment turns negative.

OB_20120305

There isn't any extremely oversold China stocks to look at at the moment. China Southern Airlines (NYSE:ZNH) is on the bottom of the list below and may be an opportunity to buy into weakness. The company has the largest airplane fleet in China and while high oil prices are hurting airliners, value investors should pay attention to low prices.

OS_20120305

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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