The S&P/TSX Composite fell 0.6 per cent for the trading week ending with Friday’s close and now stands 19.8 per cent higher for 2021. The index’s Relative Strength Index (RSI) of 47 leaves it in technically neutral territory, close to the midpoint between the oversold RSI buy target of 30 and the overbought sell signal of 70.
There are 10 technically attractive benchmark stocks trading below the 30 buy signal this week. The five most oversold companies are, in order, Hexo Corp., Transcontinental Inc., Rogers Communications Inc., Real Matters Inc. and Canopy Growth Corp. Lundin Mining is not officially oversold but it’s right on the border with an RSI of 30.
There are also 10 index constituents trading beyond the RSI sell signal of 70 this week. CI Financial Corp. is the most overbought company in the index followed by Methanex Corp., Tourmaline Oil Corp., Jamieson Wellness Inc. and Lightspeed Commerce Inc.
There are six companies showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the accompanying table. Nutrien Ltd. tops the list, followed by Lightspeed commerce inc., CI Financial and Smartcentres REIT.
The biggest companies hitting new 52-week lows are Barrick Gold Corp., Agnico Eagle Mines, Kinross Gold Corp., Novagold Resources Inc. and Osisko Mining Inc.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.
Scott Barlow