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AA not oversold on Friday

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advance_8 June 28, 2013 (Chinavestor) There isn't much change on the overbought screen from yesterday. One of the most important change is that the Dow Industrial Average (INDEXDJX:.DJI) moved away from the low end of its trading envelope. There are no stock extremes on the stock level as the overbought monitor testifies.

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Alcoa Inc. (NYSE:AA) is not considered oversold after the stock gained 1.55% on Thursday. More upside is possible but not granted as is dependent on overall market sentiment.

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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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