The S&P/TSX Composite climbed 0.7 per cent for the trading week ending with Thursday’s close and sits 2.1 per cent lower for 2022 so far. In terms of Relative Strength Index (RSI), the index is in technically neutral territory at 43, slightly closer to the oversold RSI buy signal of 30 than the sell signal of 70.
There are 11 benchmark members trading with attractive oversold RSIs below 30 this week. The five most oversold stocks are CI Financial Corp., Real Matters Inc., IGM Financial Inc., Firstservice Corp. and Ballard Power Systems Inc. Shopify Inc., formerly the country’s largest stock, is hovering just below oversold levels with an RSI right at 30.
There are seven overbought, technically vulnerable index stocks by RSI this week trading above the 70 sell signal. These are, in order, Rogers Communications Inc., Prairiesky Royalty Ltd., Celestica Inc., TC Energy Corp., IA Financial Corp. Inc., Richelieu Hardware Ltd. and MEG Energy Corp.
There are seven S&P/TSX Composite companies showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization below. The five biggest companies making new highs are Dollarama Inc., ARC Resources Ltd., ATS Automation Tooling Systems, MEG Energy and Parex Resources.
The largest stocks making new lows are Agnico Eagle Mines Ltd., Pan American Silver Corp., Equinox Gold Corp., MAG Silver Corp. and ERO Copper Corp.
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Scott Barlow