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China shares continue higher after job report

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tumb_Pre_6_5Chinese ADRs continued to climb after the bell on Friday spurred by strong U.S. market sentiment. Thursday ended on a high note, especially for search engine giant Baidu.com (BIDU), whose shares advanced $6.54 to over $290. Besides NASDAQ listed China blue chips NYSE listed large cap companies rose as well. Strong oil prices sent CNOOC Ltd (CEO) and Petrochina (PTR) higher.

Trading in Hong Kong improved in the afternoon session sending the Hang Seng Index up 176.76 points to 18,679.53. Chinese power companies advanced, Huaneng Power (HNP) rose 5.0% setting a tone ahead of NYSE trading. CNOOC Ltd (CEO) advanced just as did China Mobile (CHL) and China Life Insurance (LFC).

Pre_6_5

But Chinese ADRs are getting more and more overbought and are becoming vulnerable. Eleven China ADRs are technically in overbought position out of 68, tracked by Chinavestor. The bottom screen is speaking for itself. Most China stocks are trading above thier 20-DMA, 50-DMA and now even 200-DMA. Relative strength index is above the neutral line, signaling that any possible contraction in the U.S. will have a big impact on China ADRs.



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