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Choppy trading makes no extremes

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warning3 June 22, 2012 (Chinavestor) There are no overbought China stocks as the moment, according to the chart below. Xueda Edu (NYSE:XUE) has unusual momentum but hasn't reached theoretical highs yet. Chinese solar stocks continue the wild rise, some making progress while some falling hard. Some of the erratic trading is captured by the overbought monitor below. See changes of Hanwha Solarone (NASDAQ:HSOL) and Canadian Solar (NASDAQ:CSIQ) from yesterday to today on the monitor.

OB_20120622

Oversold stock extremes are absent on today's chart just like there are no overbought stock extremes. New Oriental Education (NYSE:EDU) fell hard to the lower end of its trading range in just two days, an unusual decline for the stock. Most of the others on the oversold list don't have much to say about future price movement.

OS_20120622

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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