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CBAK, EDU lead China stocks

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updown_1 September 26, 2013 (Chinavestor) Sohu.com Inc. (NASDAQ:SOHU) and Seaspan Corp. (NYSE:SSW) are gone from the top of the overbought China ADR list by Thursday. Instead, we have China BAK Battery (NASDAQ:CBAK) and New Oriental Edu. (NYSE:EDU) on top of the chart. But there is a noticeable difference between Sohu's overbought position from last week. CBAK and EDU are nearly not as overbought as SOHU was. Neither EDU nor CBAK is poised for a correction yet.

ADR_OB_20130926

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.

aa_OBOS_expl_2weeks



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