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SVM, GSI, JOBS advance the fastest

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advance_11 February 14, 2014 (Chinavestor) Despite broad advances for the week, there are just a limited number of overbought Chinese stocks on Friday. Silvercorp Metals (NYSE:SVM), General Steel (NYSE:GSI) and 51job Inc. (NASDAQ:JOBS) advanced significantly according to the overbought monitor. Perfect World (NASDAQ:PWRD) has momentum unlike Changyou.com Inc. (NASDAQ:CYOU), another online game developer. Aluminum Corp. of China (NYSE:ACH) as well as RenRen (NYSE:RENN) look good on the following chart. But there are some difference between these momentum stocks. For one, Silvercorp Metals (NYSE:SVM) and General Steel (NYSE:GSI) not only advanced significantly or unusually fast but have also approached theoretical highs. The combination of a significant move and closeness to overbought position make them vulnerable going forward. But 51job Inc. (NASDAQ:JOBS) "only" advanced unusually fast and may be able to continue the climb.

Perfect World (NASDAQ:PWRD) is so different from Changyou.com Inc. (NASDAQ:CYOU). PWRD is among the best momentum Chinese stocks today while CYOU is trading closest to theoretical lows. See second chart on the page.

ADR_OB_20140214

Changyou.com Inc. (NASDAQ:CYOU) is still on top of the oversold chart but has moved away from theoretical lows. China Green Agriculture (NYSE:CGA) is another "don't touch" stock. The oversold monitor picked up some unusual declines, like UTStartcom (NASDAQ:UTSI) and Sutor Tech (NASDAQ:SUTR). But none of these stocks have reached theoretical lows yet. This implies more downside is possible.

ADR_OS_20140214

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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