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SNP, PTR, CEO, CHA are oversold

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updown_1 April 18, 2013 (Chinavestor) Linktone Ltd. (NASDAQ:LTON) is the most striking stock on the overbought monitor this morning. The stock is trading way above its trading envelope but hasn't reached theoretical highs yet. But the size of the arrow indicates the stock is overbought. See chart below for details.

OB_20130418

Chinese petrochemicals are oversold and are expected to make a comeback. Petrochina Co. Ltd. (NYSE:PTR), Sinopec (NYSE:SNP) and CNOOC Ltd. (NYSE:CEO) are not only hurting but have reached theoretical lows. As soon as price of oil stabilizes, expect these large cap stocks to move. China Telecom (NYSE:CHA) is also a stock with upside potential. See chart below for details.

OS_20130418

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.

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