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HMIN off overbought list for now

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banace_4 September 4, 2013 (Chinavestor) Home Inns & Hotels Management (NASDAQ:HMIN) is not extremely overbought anymore. The stock gave way to China Mobile (NYSE:CHL), Trina Solar (NYSE:TSL), and Guangshen Rail (NYSE:GSL), among others. See overbought China ADR chart below for details.

 

ADR_OB_20130904

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.



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