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Take profits now: SNP

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profit_1 October 15, 2012 (Chinavestor) Small cap Chinese stocks took the lead on the overbought monitor this Monday. Sinopec (NYSE:SNP) is a stock of concern for its unusual run. All this means that downside risk exceeds upside potential for the stock. There is nothing worng with taking profits now. There are no overbought stocks to worry about other than SNP, AMCN, VIMC and CSKI to a lesser degree.

OB_20121015

There are two oversold stocks at the moment: Chindex Int. (NASDAQ:CHDX) and KongZhong Corp. (NASDAQ:KONG). Oversold chart suggests both have bottomed out by now.

OS_20121015

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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