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Bombardier oversold but TSX not out of the woods yet

I was hoping this weekly update on S&P/TSX technical would consistently uncover oversold stocks offering opportunities for traders and entry points for longer term investors. Instead, all I’ve been doing is holding up the stop sign every Friday.

The domestic benchmark was flat over the past five sessions, but we’re not out of the woods yet. The Relative Strength Index (RSI) reading for the TSX is still prohibitively high at 69, just a fraction below the sell signal of 70.