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HMIN, CEO good on overbought screen

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thumbs_up August 29, 2013 (Chinavestor) Momentum Chinese stocks have consolidated gains, according to the overbought monitor. Home Inns & Hotels Management (NASDAQ:HMIN) and CNOOC Ltd. (NYSE:CEO) are not considered overbought despite recent gains. Trina Solar (NYSE:TSL) and Silvercorp Metals (NYSE:SVM) are the high risk / high return category but are looking good on the overbought China screen below.

ADR_OB_20130829

Investors should exercise caution with the oversold monitor today. Technical indicators work best for liquid, mid to large cap stocks. Yet today's top oversold stocks are not of this category.

ADR_OS_20130829

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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