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HMIN, CSIQ oversold, BIDU not

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decline_6 March 17, 2014 (Chinavestor) Chinese oil companies advanced last Friday as price of oil surged. The internet sector took a big hit after Baidu Inc. (NASDAQ:BIDU) plunged over $5 that day.CNOOC Ltd. (NYSE:CEO) rose the most among NYSE listed Chinese stocks last Friday. Sinopec (NYSE:SNP) followed CEO closely and Petrochina (NYSE:PTR) advanced as well, despite a negative market sentiment.
SouFun Holdings (NYSE:SFUN), 51job Inc. (NASDAQ:JOBS), Sina Corp. (NASDAQ:SINA) all followed BIDU lower. Most NASDAQ listings fell along the market last Friday.

mover_20140314

What does that move mean from a perspective? This is where the overbought and oversold chart comes handy. Neither CNOOC Ltd. (NYSE:CEO) nor Sinopec (NYSE:SNP) made it to the overbought China stock chart. one of the biggest change is that CNinsure Inc. (NASDAQ:CISG) fell hard and is not extremely overbought anymore.

ADR_OB_20140317

Home Inns & Hotels Management (NASDAQ:HMIN) fell hard last Friday and is now considered oversold. So is Canadian Solar (NASDAQ:CSIQ). 51job Inc. (NASDAQ:JOBS) hasn't reached theoretical lows yet, more downside is possible.

ADR_OS_20140317

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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