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CHL, UTSI are overbought

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cash_4 March 14, 2012 (Chinavestor) Short term upside looks limited for stocks on the top of the overbought chart. Youku Inc. (NYSE:YOKU) surged on Monday following news that it acquired Tudou Hold. (NASDAQ:TUDO), the second largest Chinese online video company. Both stocks consolidated on Tuesday but are trading way above their trading ranges. China Mobile (NYSE:CCHL) is susceptible to a pull back as well. The stock hasn't reached theoretical highs but stepped out its trading envelope for over a week. That rally will have to come to an end. 51job Inc. (NASDAQ:JOBS) and NetEase.com (NASDAQ:NTES) are also stocks on fire but they may have additional upside left, according to the overbought monitor.

OB_20120314

There is not much to see on the oversold monitor today. Cogo Group (NASDAQ:COGO) and Vimicro Int. (NASDAQ:VIMC) fell hard but are trading within their trading ranges, indicating more downside is possible.

OS_20120314

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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