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Oversold tech stocks offer upside

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advance_11 July 20, 2012 (Chinavestor) If you made money on China Green Agriculture (NYSE:CGA) lately, it's time to quit now, according to the overbought monitor. The stock reached theoretical highs and is expected to take a breather. Chinese airliners, China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH), are also stocks on fire. But their advance is driven by fundamentals and may continue to creep higher. CNOOC Ltd. (NYSE:CEO) stepped out of its trading range as well but has left additional room to the upside.

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Oversold E-House Holdings (NYSE:EJ) surged on Thursday, just as our indicator indicated. Can oversold stocks keep moving?

51job Inc. (NASDAQ:JOBS) is almost as oversold right now, suggesting time is turning ripe for JOBS to make a move. tech stocks with upside potential include Sohu.com Inc. (NASDAQ:SOHU), Tudou Holdings (NASDAQ:TUDO), NetEase.com Inc. (NASDAQ:NTES), and Home Inns & Hotels Management (NASDAQ:HMIN).

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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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