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Upside limited for GA, YTEC

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profit_1 March 7, 2012 (Chinavestor) After two days of declines, there are no overbought Chinese stocks left. Yucheng Technology (NASDAQ:YTEC) is trading closest to theoretical highs but that doesn't mean the stock is overbought. Giant Interactive (NYSE:GA) had a volatile day on Tuesday after beating revenue expectations and meeting EPS on the same time. The stock is trading well above its trading range limiting its upside potential.

Qihoo 360 Technology (NYSE:QIHU) is looking more balanced along with Seaspan Corp. (NYSE:SSW).

OB_20120307

There has been a lot of action on the oversold monitor lately. General Steel (NYSE:GSI), ChinaCast Education (NASDAQ:CAST) isn't out of the woods yet, despite recent losses. The same is true for CNinsure (NASDAQ:CSIG) and China TechFaith Wireless (NASDAQ:CNTF).

OS_20120307

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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