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Telecom, air stocks overbought

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watch_out September 11, 2013 (Chinavestor) Chinese telecoms, airliners continue to advance but here is the trick. Based on the overbought China stock monitor, upside is limited. Both these sectors are overbought! See chart below for details.

ADR_OB_20130911

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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