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Stock extremes: CISG, CSIQ, JRJC

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economy_5 March 19, 2014 (Chinavestor) Despite two days of strong market days, there are no overbought Chinese stocks on Wednesday. China Gerui Advanced Mat. (NASDAQ:CHOP) is standing out on the overbought monitor however it is important to notice that this stock is a micro cap, low volume, low trading quality stock. Technical indicators don't work well for stocks like CHOP. But it worked for CNinsure Inc. (NASDAQ:CISG) as well as for Canadian Solar (NASDAQ:CSIQ) recently.

The overbought monitor worked perfectly for a large number of Chinese stocks as recent as last week. CNinsure Inc. (NASDAQ:CISG) was extremely overbought last week and our monitor picked it up right away. Now the stock has pulled back and is looking a lot more balanced this morning.

ADR_OB_20140319

Canadian Solar (NASDAQ:CSIQ), the most oversold Chinese stock last week, continued to advance on Tuesday. CSIQ is not extremely oversold as a result. More upside is now speculation, according to the oversold monitor below.

Home Inns & Hotels Management (NASDAQ:HMIN) and China Finance Online (NASDAQ:JRJC) remain oversold. JRJC was extremely oversold just yesterday and we said the stock is likely to make a comeback. China Finance Online (NASDAQ:JRJC) advanced 0.75% or $.04, just to level off. Upside potential still exceeds downside risk for JRJC and HMIN.

ADR_OS_20140319

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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