The S&P/TSX Composite was up a meagre 0.3 per cent for the trading week ending with Friday’s close and sits 19.7 per cent higher for 2021.
In terms of Relative Strength Index (RSI), the benchmark remains in the upper reaches of the technically neutral range with a reading of 63 that is much closer to the overbought sell signal of 70 than the attractive, oversold RSI buy signal of 30.
There are seven index stocks trading at oversold levels below the buy signal of 30. AG Growth International is the most oversold company in the index and it’s followed by Hexo Corp., Northland Power Inc., Quebecor Inc., Arc Resources Ltd., Real Matters Inc., and Cronos Group Inc. Canada Goose Holdings is right at the RSI buy signal of 30.
There are 28 overbought, technically vulnerable benchmark constituents trading above the RSI sell signal this week.
Summit Industrial Income REIT is the most overbought company in the index, joined by ATS Automation Tooling Systems, Great-West Lifeco Inc., Thomson Reuters Corp and Altus Group in the top five. Other notable overbought names include Boardwalk REIT, Fortis Inc., Gildan Activewear Inc., BCE Inc., Royal Bank of Canada and Hydro One Ltd.
There are 24 S&P/TSX Composite members showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The largest five companies making new highs are Thomson Reuters Corp., Canadian Imperial Bank of Commerce, BCE Inc., Constellation Software Inc. and Telus Corp.
There is one stock, New Gold Inc., hitting a new 52-week low.
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