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ASIA, WX, SCR, GRO are overbought

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worry_1 March 12, 2013 (Chinavestor) There are a good number of overbought Chinese stocks to watch out. AsiaInfo holdings (NASDAQ:ASIA) is for one along with WuXi Phamra (NYSE:WX). Simcere Pharma (NYSE:SCR) and Agria Corp. (NYSE:GRO) are also stocks of concern.

See the overbought chart for stocks on the move.

OB_20130312

Thanks to a seven day wining streak for the Dow, there is no oversold China stock to watch today. But as soon as market sentiment turns around, expect a lot more action taking place on this end of the China stock universe.

OS_20130312

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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