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Pay attention, CVX is overbought

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warning1 May 6, 2013 (Chinavestor) Chevron (NYSE:CVX) is the most overbought component of the Dow now that the index is flirting with the 15,000 level. Downside risk exceeds upside potential for CVX according to the monitor below.

American Express (NYSE:AXP), Disney (NYSE:DIS), DuPont (NYSE:DD) and Microsoft (NASDAQ:MSFT) are just trading above their trading envelope but are not considered overbought.

OB_20130506

The Traverlers Compainer (NYSE:TRV) is on top of the oversold chart but is not oversold. Pfizer (NYSE:PFE) suffered and fell hard back to its trading range.

Bulls clearly dominate the markets since there are 7 Dow components that fell from last week but 23 are up as the Dow and the S&P 500 are breaking record highs.

OS_20130506

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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