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MPEL, EJ took a breather. What's next?

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question_2 May 1, 2012 (Chinavestor) Melco Crown Entertainment (NASDAQ:MPEL) and E-House Holdings (NYSE:EJ) took a breather on Monday. None of the mare considered overbought at this point no more. Chinese oil majors show some momentum on the screen below, attributed to strong earnings. Petrochina Co. Ltd. (NYSE:PTR) reported better than expected first quarter results on high oil price and upped production. Despite some advances, the stock is not overbought. More upside is highly likely for Both PTR and CNOOC Ltd. (NYSE:CEO).

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Changyou.com Ltd. (NASDAQ:CYOU) is not oversold despite recent weakness. Sohu's online game arm is suffering due to lack of bottom line growth. Baidu.com (NASDAQ:BIDU) is also among the 25 most oversold Chinese companies at the moment. The stock is not oversold but is trading close to the lower end of its trading envelope.

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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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