The S&P/TSX Composite dropped another 1.0 per cent for the trading week ending with Friday’s close and now stands 3.4 per cent higher year to date. The index’s Relative Strength Index (RSI) of 36 puts it in the lower end of the technically neutral range, closer to the oversold buy signal of 30 than the RSI sell signal of 70.
There are 37 oversold, technically attractive benchmark constituents this week trading with RSIs below 30. The five most oversold companies are Algonquin Power & Utilities Corp., Innergex Renewable Energy Inc., Park Lawn Corp., IGM Financial Inc. and Northwest Healthcare Properties REIT.
There are only two stocks – Athabasca Oil Corp. and Imperial Oil Ltd. – at overbought levels with RSIs over 70.
There are also two stocks showing strong price momentum by hitting new 52-week highs. Athabasca is featured again along with Celestica Inc.
There are 17 S&P/TSX Composite companies with new 52-week lows and they are ranked by market capitalization in the table below. The largest stocks making new lows are Enbridge Inc., Bank of Nova Scotia, Brookfield Renewable Partners LP, Emera Inc. and Canadian Utilities Ltd.