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JOBS, SINA, HSBC are oversold

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decline_6 January 28, 2014 (Chinavestor) Chinese stocks continued to decline on Monday as the dust hasn't settled yet after the SEC clamp down on their auditing. 51job Inc. (NASDAQ:JOBS) is clearly oversold just like Sina Corp. (NASDAQ:SINA), China BAK Battery (NASDAQ:CBAK) and HSBC Plc. (NYSE:HSBC).

Interestingly, Baidu Inc. (NASDAQ:BIDU) is not oversold to the extremes yet. This we said is interesting because it is Baidu Inc. (NASDAQ:BIDU) that fell the most in dollar terms after the SEC news last Thursday.

Large cap Chinese telecoms, China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU) are also trading close to theoretical lows, well below their regular trading range. See chart below for details.

ADR_OS_20140128

When it comes to overbought Chinese stocks, the only one shining on the screen below is Shanda Games (NASDAQ:GAME). The company allegedly received a $6.90/share going private offer. Other than that, there is not much to find on the overbought China stock screen for Tuesday.

ADR_OB_20140128

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.

aa_OBOS_expl_2weeks



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