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JRJC, CSIQ, HMIN are oversold!

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warning1 March 18, 2014 (Chinavestor) China's Sina Corp. (NASDAQ:SINA) advanced$4.24 or 6.25% on Monday, by far the most among major NASDAQ and NYSE listed Chinese stocks. Baidu Inc. (NASDAQ:BIDU) bounced back on Monday after a disastrous decline last Friday. BIDU's advance helped restore  confidence into the technology sector. Sohu Inc. (NASDAQ:SOHU), KongZhong (NASDAQ:KONG) all advanced. Chinese oil firms outperformed the market as well, Sinopec (NYSE:SNP) and Petrochina Co. Ltd. (NYSE:PTR) rose more than most other Chinese listings on US soil. Chinese telecom stocks, a safe heaven in times of turmoil, fell on Monday as conflict in the Crimea eased. China Mobile (NYSE:CHL) and Unicom (NYSE:CHU) fell while China Telecom (NYSE:CHA)  was virtually unchanged.

mover_03172014

Monday's advances and declines failed to translate over to the overbought and oversold stock screen, except for China Finance Online (NASDAQ:JRJC), China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU). These telecommunication firms are now visible on the oversold screen. But neither Sina Corp. (NASDAQ:SINA) nor Baidu Inc. (NASDAQ:BIDU) are sowing on the overbought screen this morning. Instead, the overbought monitor predicted correctly the pull back of CNinsure Inc. (NASDAQ:CISG). This stock became extremely overbought last Friday and was ready to take a breather. And this is exactly what CISG did. Now the stock is looking a lot more healthy from a technical point of view on the overbought monitor below.

ADR_OB_20140318

China Finance Online (NASDAQ:JRJC) fell the most among major Chinese NASDAQ listings on Monday. The decline was so unusual that now JRJC is the most oversold China stock. As a matter of fact, China Finance Online (NASDAQ:JRJC) is now trading at theoretical lows and is considered extremely oversold.

Upside potential exceeds additional downside risk for Home Inns & Hotels Management (NASDAQ:HMIN) and for Canadian Solar (NASDAQ:CSIQ).

ADR_OS_20140318

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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