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CVX is overbought at $123

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warning3 May 7, 2013 (Chinavestor) Chevron Corp. (NYSE:CVX) became overbought now that it reached theoretical highs at $123.5. Downside risk exceeds upside potential for American Express (NYSE:AXP) as well. Visit the following chart for more overbought Dow components.

OB_20130507

There are no oversold Dow components at the moment. JP Morgan & Chase (NYSE:JPM) is under pressure as Mr. Dimon, its CEO, is feeling the heat. Calls for his departure are in the air, hurting upside for the short run.

Pfizer (NYSE:PFE) is not oversold but is one of the big losers of the lst few weeks. Earnings are to blame in this case.

Procter & Gamble (NYSE:PG) is another stock that fell hard and is bottoming out. See following chart for details.

OS_20130507

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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