July 29, 2011 (Chinavestor) NYSE listed China stocks dominate the overbought China stocks screen on Friday. China Mobile (NYSE:CHL) is looking good along with China Eastern Airlines (NYSE:CEA). Both stocks have significantly pulled back from extreme overbought position. China Green Agriculture (NYSE:CGA) fell the hardest among Chinese ADRs on Thursday, indicating the rally had no legs. Aluminum Corp. of China (NYSE:ACH) is another stock on fire but the advance looks too much, too fast for such as large cap stocks as the world's third largest aluminum maker. Chinese internet stocks are ready to take off once market sentiment improves, according to the overbought screen. 51job Inc. (NASDAQ:JOBS) leveled off on Thursday after a significant fell a day before. Ctrip.com Int. (NASDAQ:CTRP) looks similar to search engine giant Baidu.com Inc. (NASDAQ:BIDU) and internet portal Sohu.com Inc. (NASDAQ:SOHU) from a technical point of view. More upside is possible under the right circumstances. Changyou.com Inc. (NASDAQ:CYOU) is playing catch up with the rest of the sector.
Looking at the oversold end of the China stock universe, Guangshen Railway (NYSE:GSH) continued to struggle to find support. But Huaneng Power Int. (NYSE:HNP) might bounce back along with CNOOC Ltd. (NYSE:CEO). Back to the overbought screen. The good news is that there is no China stock trading at extreme at the moment. One of the most striking stock is Aluminum Corp. of China (NYSE:ACH) for its 8.9% advance on Thursday. Given the unusual advance, upside looks limited.
China Mobile (NYSE:CHL) and China Eastern Airlines (NYSE:CEA) look ready to advance once market sentiment improves. Both stocks pulled back from extreme theoretical highs and are trading in a more neutral position.
Chinese internet stocks are ready to jump as well. 51job Inc. (NASDAQ:JOBS) is trading closest to theoretical highs among its peers but is far from overbought. Baidu.com Inc. (NASDAQ:BIDU) rocked the house with a stellar 2011 Q2 report and is held back by negative market sentiment only. But that may not hold for too long, potentially igniting the rests of the sector. Stocks ready to jump include Sohu.com Inc. (NASDAQ:SOHU), Changyou.com Inc. (NASDAQ:CYOU) and Ctrip.com Int. (NASDAQ:CTRP).