The S&P/TSX Composite climbed higher by 1.1 per cent for the trading week ending with Thursday’s close and is now 17.6 per cent higher for 2021.
The benchmark’s Relative Strength Index (RSI) of 54 leaves it in the technically neutral range, not far from the halfway point between the oversold RSI buy signal of 30 and the overbought sell signal of 70.
There are six technically attractive benchmark constituents trading at oversold levels below the 30 buy signal. Hexo Corp. is the most oversold company and IAMGOLD Corp., Real Matters Inc., First Majestic Silver Corp., Magna International Inc. and Canopy Growth Corp. are next.
There are ten index members trading at technically vulnerable levels above the RSI sell signal of 70. Aecon Group Inc. is the most extended stock and it’s joined on the list by Thomson Reuters Corp., Westshore Terminals Investment Corp., Shopify Inc., Summit Industrial REIT, Dollarama Inc. and ECN Capital Corp.
There are 19 TSX companies showing strong price momentum by hitting new 52-week highs. Ranked by market capitalization in the table below, Shopify Inc. is the largest company at new highs. Thomson Reuters Corp., Alimentation Couche-Tard Inc., Waste Connections Inc. and CGI Inc. follow.
Precious metals stocks dominate the list of those hitting new 52-week lows. Novagold Resources Inc., Equinox Gold Corp., Eldorado Gold Corp. and Dundee Precious Metals Inc. are all represented.
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