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BIDU, SFUN off oversold chart

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watch_4 April 2, 2014 (Chinavestor) April brought much needed relief to Baidu Inc. (NASDAQ:BIDU) and SouFun Holdings (NYSE:SFUN). These two advanced over $6 on Tuesday, by far the most among major Chinese stocks.

Petrochina (NYSE:PTR) advanced but China's offshore oil driller, CNOOC Ltd. (NYSE:CEO) fell. So much about consistency in the market.

Chinese transportation stocks declined on Tuesday. China Southern Airlines (NYSE:ZNH), China's largest carrier by fleet size, dropped the most among major NYSE listed Chinese stocks. China Eastern Airlines (NYSE:CEA) and Guangshen Railway (NYSE:GSH) followed suit. See following chart for details. Remember, size of bubble represents market cap.

MOVER_20140401

Petrochina Co. Ltd. (NYSE:PTR) is not overbought despite a steady advance. As a mater of fact, there are no overbought Chinese stocks at the moment.

ADR_OB_20140402

When it comes to oversold China stocks, there are none. This is a big change from yesterday. SouFun Holdings (NYSE:SFUN) and Baidu Inc. (NASDAQ:BIDU) are off the chart thanks to a big jump on Tuesday.

ADR_OS_20140402

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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