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Cameco’s Cigar Lake mine in Saskatchewan. ‘We’ve become overly reliant on the resource industry,’ one tech-sector CEO said.
Cameco’s Cigar Lake mine in Saskatchewan. ‘We’ve become overly reliant on the resource industry,’ one tech-sector CEO said.
(David Stobbe/Reuters/)

Frothy TSX beginning to look less overbought

The S&P/TSX Composite index is now bumping up against overbought levels by Relative Strength Index after climbing 0.95 per cent in the past five market sessions. This frothy environment leaves Cameco Corp. as really the only technically oversold opportunity worth taking seriously this week.

There are only two oversold stocks in the entire domestic benchmark which suggests investors should remain extremely cautious about adding new positions until things cool down. Yamana Gold Inc. remains stubbornly oversold after falling another 3.3 per cent for the week.