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YTEC, HNP, NTES only bright spot

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play_1May 23, 2012 (Chinavestor) Yucheng Technologies (NASDAQ:YTEC) and Huaneng Power (NYSE:HNP) are the bright spots but most Chinese stocks have been suffering. Taking a look at the oversold monitor, it's easy to see why. Renren Inc. (NASDAQ:RENN) is hurting after Facebook's (NASDAQ:FB) IPO flop. Trina Solar (NYSE:TSL) fell on earnings and SouFun Holdings (NYSE:SFUN) and Vanceinfo Technologies (NYSE:VIT) aren't looking any better either. The good news is that despite recent advances, Yucheng Tech (NASDAQ:YTEC) have more upside potential left along with Huaneng Power (NYSE:HNP). NetEase.com (NASDAQ:NTES) beat estimates and is showing sound momentum as well. 

OB_20120523

The bloodbath is obvious on the oversold screen though. ChinaTech Faith Wireless (NASDAQ:CNTF) may be trading closest to theoretical lows but it's not the only stock suffering. Vanceinfo Tech (NYSE:VIT) is hurting as much as Renren Inc. (NASDAQ:RENN) or Soufun Hold. (NYSE:SFUN). Train Solar (NYSE:TSL) is down on earnings and may continue to deteriorate. All these stocks have more downside left because they haven't reached theoretical lows yet. Visit the chart below for additional oversold stocks.

OS_20120523

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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