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Don't deny technicals for GSH

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denial_1 October 12, 2012 (Chinavestor) There are a couple of big stocks on the move. Among them are Sinopec (NYSE:SNP), Petrochina (NYSE:PTR) and Guangshen Railway (NYSE:GSH). Liquid but smaller stocks to watch out include New Oriental Edu. (NYSE:EDU), Home Inns & Hotels Mgmt (NASDAQ:HMIN), Ctrip.com Int. (NASDAQ:CTRP) and Youku Inc. (NYSE:YOKU).

Upside looks limited for Sinopec (NYSE:SNP) on Friday, according to the overbought chart below. Guangshen Rail (NYSE:GSH) pulled back after an overbought position a day before - related article GSH big run.

OB_20121012

Chindex Int. (NASDAQ:CHDX) reached theoretical lows and is considered oversold. The stock may pop any time. KongZhong Corp. (NASDAQ:KONG) fell hard on Thursday and may find a bottom soon. But The9 Ltd. (NASDAQ:NCTY) hasn't bottomed out yet, according to the oversoldchart below.

OS_20121012

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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