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NTES near $60 resistance level

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advance_11 May 24, 2012 (Chinavestor) Yucheng Technologies (NASDAQ:YTEC) advanced on Wednesday after two days of consolidation. But investors may take profits now given that the stock has reached it upside potential according to the overbought monitor. NetEase.com Inc. (NASDAQ:NTES) traded above the $60 resistance level for a short period of time on Wednesday and may well break above it in the coming days, as the following chart testifies. More upside is possible for Huaneng Power (NYSE:HNP) as well as KongZhong Corp. (NASDAQ:KONG).

OB_20120524

E Commerce China (NASDAQ:DANG) is trading closest to theoretical lows. The stock has been leveling off in the past four days and may bounce back from current prices. Additional liquid stocks to watch on the oversold monitor include SouFun Hold. (NYSE:SFUN), Train Solar (NYSE:TSL), and 51job Inc. (NASDAQ:JOBS).

OS_20120524

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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