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Profit taking: CEA, HNP, SUTR

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cash2 October 26, 2012 (Chinavestor)China Eastern Airlines (NYSE:CEA) advanced over 17% in a month and is overbought. Sutor technology (NASDAQ:SUTR), Agria Corp. (NYSE:GRO) and Huaneng Power (NYSE:HNP) are considered overbought as well. For additional momentum stocks, visit the chart below.

OB_20121026

There is not much of a change on the oversold screen from yesterday, except that more downside is poosible for WSP Holdings (NYSE:WH) and E Commerce China (NASDAQ:DNAG). Neither of them have bottomed out yet, according to the oversold monitor.

OS_20121026

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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