The S&P/TSX Composite regained 1.5 per cent for the trading week ending with Thursday’s close and now stands 20.5 per cent higher for the year. The benchmark’s Relative Strength Index (RSI) of 63 leaves it in the higher end of the technically neutral range, closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.
Two index members, Hexo Corp. and Real Matters Inc., are oversold this week while Sandstorm Gold Ltd. is right near the border of the 30 buy signal at 31.
There are 21 benchmark constituents trading with technically vulnerable RSIs above the 70 sell signal this week. The five most overbought stocks are Kinaxis Inc., Descartes Systems Group, ATS Automation Tooling Systems, Enghouse Systems Ltd. and Power Corp of Canada. BCE Inc., Loblaw Companies Ltd. and Summit Industrial Income REIT are also overbought.
There are 19 S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization below. Brookfield Asset Management (A), Telus Corp., Nuvei Corp (subordinate shares), Lightspeed Commerce Inc. and Open Text Corp are the biggest companies making new highs.
There are no TSX stocks hitting new lows this week.
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Scott Barlow