The S&P/TSX Composite fell a meagre 0.1 per cent for the trading week ending with Friday’s close and sits 5.8 per cent higher for 2024. The benchmark’s Relative Strength Index (RSI) of 53 leaves it in technically neutral territory, close to the halfway point between the attractive oversold buy signal at 30 and the overbought RSI sell signal at 70.
There are seven benchmark stocks trading with RSIs below the 30 buy signal this week, including some big names. Open Text Corp. is the most oversold company followed by Mullen Group Ltd., Stella-Jones Inc., Toronto-Dominon Bank, Toromont Industries Ltd., Bausch Health Companies Inc. and Badger Infrastructure Solutions Ltd..
There are also seven stocks with frothy RSIs above the sell signal. Primo Water Corp. is most extended by RSI with IGM Financial Inc. and Bombardier Inc. close behind.
There are eight stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. Thomson Reuters Corp. is the largest companies making new highs, Brookfield Corp., Descartes Systems Group Inc., TMX Group Ltd. and Bombardier Inc. are next.
TD Bank, Magna International Inc. and Open Text Corp. are hitting new 52-week lows.
-
-
-
Scott Barlow