The S&P/TSX Composite rose a meagre 0.24 per cent for the trading week ending with Friday’s close and sits 17.9 per cent higher for 2021. Relative Strength Index (RSI) places the benchmark in technically neutral territory with a reading of 59 that is between the oversold buy signal of 30 and the overbought RSI sell signal of 70.
There are three technically attractive index members trading below the RSI buy signal of 30. Torex Gold Resources Inc. is the most oversold TSX company with Hexo Corp. and B2Gold following.
There are 19 overbought, technically vulnerable stocks by RSI this week and the top of the list is dominated by REITs. Dream Industrial REIT is the most extended benchmark stock and Summit Industrial REIT, RioCan REIT, Boardwalk REIT and Cominar REIT are all in the top 10. Other prominent names on the overbought list include Descartes Systems Group, Rogers Communications Inc. and Loblaw Companies Ltd.
There are 15 index members showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. Thomson Reuters Corp., Constellation Software Inc., Loblaw Companies Ltd., WSP Global Inc., Choice Properties REIT and Canadian Apartment Properties REIT are the largest companies making new highs.
There is one stock, Torex Gold, hitting new 52-week lows.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.