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LDK pop, PTR pull back

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stock_2 October 23, 2012 (Chinavestor) Overbought Petrochina Co. Ltd. (NYSE:PTR) pulled back on Monday but Sinopec (NYSE:SNP) continued to advance and remains overbought. Ctrip.com Int. (NASDAQ:CTRP) recovered after Friday's pull back and is looking strong. But downside risk is elevated for CTRP is trading right at theoretical highs. Home Inns & Hotels Management (NASDAQ:HMIN) is another liquid stock trading above its trading range and may pull back. More momentum stocks on the screen below.

OB_20121023

LDK Solar (NYSE:LDK), one of the most oversold ones on Monday, popped big time. Still the stock is trading below its trading range suggesting more upside is possible. But it all depends on rumors and needs backing of  rumors by action. Right now it's still a very speculative stock.

OS_20121023

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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