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China stocks lack momentum Monday, Feb 24

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banace_4 February 24, 2014 (Chinavestor) The China momentum stock monitor picked up a few interesting stocks for Monday. Aluminum Corp. of China (NYSE:ACH) is on top of the overbought chart for starters. Besides ACH, there are liquid stocks like Qihoo 360 Technologies (NYSE:QIHU), Perfect World (NASDAQ:PWRD), and Melco Crown Entertainment (NASDAQ:MPEL) for consideration. Last week's best stock, Sinopec (NYSE:SNP), is still not overbought. Lack of momentum is evident for NetEase Inc. (NASDAQ:NTES) and Mindray Medical (NYSE:MR) on the oversold screen.

Back to momentum stocks. Aluminum Corp. of China (NYSE:ACH) is trading closest to theoretical highs but is not considered overbought. A stock gets to be overbought when it approaches the OB position. Right now ACH has a lot more upside potential left.

Qihoo 360 Technologies (NYSE:QIHU) rose 6% last week but the direction is uncertain from here on. The stock has been trading in a narrow range, indicated by the small size of the arrow. This is a weak signal going forward.

Perfect World (NASDAQ:PWRD) has more momentum going forward. The stock is still far from theoretical highs, a positive sign.

Melco Crown Entertainment (NASDAQ:MPEL) is similar to Qihoo 360 Technologies (NYSE:QIHU). Both MPEL and QIHU have been trading in a narrow range. Yet they both are on the momentum screen for they trade above their trading envelope. This is not necessarily a good development and lack of momentum is evident.

Sinopec (NYSE:SNP), China's largest oil refiner, had a great week. The stock rose 6.3% even after a weak Friday performance. But despite an unusual week, Sinopec (NYSE:SNP) is far from being overbought. Interestingly, SNP has been performing a lot better than other oil giants such as Petrochina (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO) YTD.

ADR_OB_20140224

Unlike most tech stocks, NetEase Inc. (NASDAQ:NTES) continues to show weakness. And while NetEase Inc. (NASDAQ:NTES) is not oversold, it is trading below its trading range and price two weeks ago.

Mindray Medical (NYSE:MR) is another surprise stock on the oversold list. Mindray has been trading in a narrow range with no signs of a break out anytime soon. See oversold chart below.

ADR_OS_20140224

 

aa_OBOS_expl_2weeks



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