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ACH not overbought anymore

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percent April 14, 2014 (Chinavestor) The market continued to pull back on Friday. Chinese stocks listed on the NYSE and NASDAQ traded in a narrow range with Petrochina Co. Ltd. (NYSE:PTR) advancing the most. But even that most was less than $.40! Downside was limited to those that fell, too. Sohu.com Inc. (NASDAQ:SOHU), the steepest decliner last Friday, fell just under $2.00. China Life Insurance (NYSE:LFC) was the only larger cap China play falling similarly to SOHU.

mover_20140411

The question is how did Friday's moves effect the overbought and oversold charts?
Leveling off on Friday helped Aluminum Corp. of China (NYSE:ACH) get off the overbought position.

Huaneng Power Intl. (NYSE:HNP) and Yanzhou Coal Mining (NYSE:YZC), two of the best stocks for April, are not considered overbought either.

ADR_OB_20140414

Chinese solar stocks fell hard and some are oversold! Jinko Solar (NYSE:JKS) and Canadian Solar (NASDAQ:CSIQ) have reached theoretical low prices and are extremely oversold.

The same indicator picked up unusual declines of Sina Corp. (NASDAQ:SINA) as well as for Seaspan Corp. (NYSE:SSW). These stocks are well below the trading range and are unusually weak.

ADR_OS_20140414

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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