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China stocks on sale

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sale2 March 27, 2014 (Chinavestor) The oversold China stock monitor found a large number of stocks trading unusually low this morning. The overbought monitor picked up a few China plays that are trading unusually high. These are China XD Plastics (NASDAQ:CXDC) and Huaneng Power Intl. (NYSE:HNP). Petrochina Co. Ltd. (NYSE:PTR) and Yanzhou Coal Mining (NYSE:YZC) display strength as well.

Yet investors have to be careful with CXDC and HNP. Both have advanced too much, too fast and are considered overbought. Good news for China XD Plastics (NASDAQ:CXDC) investors is that the stock rallied on quarterly earnings and outlook, a strong fundamental reason. Nevertheless technical indicators raise the red flag.

Huaneng Power (NYSE:HNP) is not driven by any particular news but has been a safe play in times of turmoil. This explains HNP's strong showing.

Scroll down to assess oversold China plays.

ADR_OB_20140327

Sohu.com Inc. (NASDAQ:SOHU) fell $5.0 on Wednesday and is now on top of the oversold chart. SOHU reached theoretical lows and is expected to take a breather. Same goes for 51job Inc. (NASDAQ:JOBS) as well as for Jinko Solar (NYSE:JKS).

SouFun Holdings (NYSE:SFUN) and a good number of other China plays have fallen too fast, too much as well. See list of possible bounce back candidates below.

ADR_OS_20140327

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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