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RENN, CYOU and MR fail investors in February

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decline3 February 18, 2014 (Chinavestor) The overbought China stock monitor picked up the following stocks this morning: General Steel (NYSE:GSI), Guangshen Railway (NYSE:GSH), Aluminum Corp. of China (NYSE:ACH), Perfect World Co. (NASDAQ:PWRD), and Melco Crown Entertainment (NASDAQ: MPEL). The oversold screen features stocks like Changyou.com Inc. (NASDAQ:CYOU) and some surprises such as Mindray Medical (NYSE:MR) and Renren Inc. (NYSE:RENN).

When it comes to overbought Chinese stocks, the picture is clear. There are NO overbought ones this time. General Steel (NYSE:GSI) is trading closest to theoretical highs but this is a low trading volume, small cap China play that goofs up the overbought monitor for most of the time.

Ones with some noticeable momentum include Guangshen Railways Co. Ltd. (NYSE:GSH) as well as Aluminum Crop. of China (NYSE:ACH). These two NYSE listings are larger cap, liquid China plays.

Perfect World (NASDAQ:PWRD) is also a stock of interest. This NASDAQ listing has a commendable trading volume. The same is true for Melco Crown Entertainment (NASDAQ:MPEL). These two, MPEL and PWRD are good trading stocks among US listed Chinese stocks. 

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When it comes to trading volume, the oversold monitor picked up some interesting plays such as Renren Inc. (NYSE:RENN) and Changyou.com Inc. (NASDAQ:CYOU), RenRen Inc. (NYSE:RENN) is not so much interesting for its large move or an extreme oversold position but for lack of momentum. Facebook Inc. (NASDAQ:FB) advanced 20% in a month and RenRen Inc. (NYSE:RENN)  was expected to follow suit. But this Chinese social media site continues to struggle as the position on the oversold chart testifies. Investors have to think hard how much RenRen Inc. (NYSE:RENN) is really China's Facebook Inc. (NASDAQ:FB)...

Lack of momentum is evident for Mindray Medical (NYSE:MR), a Chinese medical equipment maker. This is a mid size company with a lot going on for it, yet it has been suffering lately.


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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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