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CEA, CHL still ok

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thumbs_up September 17, 2013 (Chinavestor) The China ADR monitor says there are no overbought Chinese stocks at the moment. China Mobile (NYSE:CHL) remains on top of the overbought chart but is still far from theoretical highs. China Eastern Airlines (NYSE:CEA) is still ok despite recent surge from $16 to the $18s.

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The9 Limited (NASDAQ:NCTY) is now oversold and is trading next to theoretical lows. The stock may bounce back shortly but that is just going to be a technical correction. See chart for details.

OS_20130917

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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