The S&P/TSX Composite jumped 1.8 per cent for the week ending with Friday’s close and stands 5.9 per cent higher for the year.
Relative Strength Index (RSI) indicates that the benchmark is in the higher end of technically neutral territory with a 55 level closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.
Utilities stocks dominate the 10-company list of oversold, technically attractive benchmark members according to RSI this week. Innergex Renewable Energy Inc. is the most oversold stock in the index and it’s followed by Kinaxis Inc., Algonquin Power and Utilities, Cargojet Inc., Transalta Renewables Inc. and Brookfield Renewable Partners LP.
The list of technically vulnerable index stocks expanded to 31 this week after the market’s overall strong return.
Banks dominate the overbought category with National Bank and Canadian Imperial Bank of Commerce. the most extended stocks in the S&P/TSX Composite and Laurentian Bank of Canada not far behind in fourth place (Spinmaster Corp. is in third place).
Other prominent names trading above the RSI sell signal of 70 this week include Baytex Energy Corp., Whitecap Resources Inc., Cenovus Energy, First Capital REIT, Bank of Nova Scotia and Suncor Energy Inc.
There are no benchmark stocks making either new 52-week highs or 52-week lows.
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