The S&P/TSX Composite was almost exactly flat for the shorter trading week ending with Friday’s close, rising less that one tenth of a per cent to sit 17.6 per cent higher year to date. Relative Strength Index (RSI) indicates the benchmark is still in the higher range of technically neutral territory, with a reading of 63 that is much closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.
There are three technically attractive index members according to RSI this week, with readings below the 30 buy signal. B2Gold Corp is the most oversold benchmark stock, with Chemtrade Logistics Income Fund and Canadian Utilities Ltd. (A) close behind.
There are 15 overbought index constituents with RSIs above the 70 sell signal this week. Aritzia Inc., Dream Industrial REIT, Summit Industrial Income REIT, Rogers Communications Inc. (B), Descartes Systems Group and Altagas Ltd. are the most technically extended stocks.
There are 16 index stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization below. The largest companies hitting new highs are Enbridge Inc., Thomson Reuters Corp., Rogers Communications Inc. (B), Loblaw Companies Ltd., George Weston Ltd. and Nuvei Corp.
There is one company, Winpak Ltd., making a new 52-week low.
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