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SINA, SPRD pull back

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decline_10 September 11, 2012 (Chinavestor) Spreadtrum Communications (NASDAQ:SPRD) pulled back along with Sina Corp. (NASDAQ:SINA) on Monday. Both stocks were considered overbought, see related article on Monday, but now they're looking a lot better from a technical point of view. Yet investors have to realize that Spreadtrum Communications (NASDAQ:SPRD) fell in large volume, suggesting heavy money outflows. This is bad news for longs.

Going forward, General Steel (NYSE:GSI) and Jiayuan.com (NASDAQ:DATE) are off the chart. But GSI has low trading characteristics, e.g. low volume and small retail investor base, so technical indicators are hard to read. The same goes for Noah Education (NYSE:NED), a stock with unusual move on the overbought screen below.

OB_20120911

There are no oversold stocks at the moment. JA Solar (NASDAQ:JASO) is off theoretical lows just like KongZhong Corp. (NASDAQ:KONG).

OS_20120911

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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