The S&P/TSX Composite fell 1.1 per cent for the trading week ending with Friday’s close and sits 18.0 per cent higher for 2021. Relative Strength Index (RSI) puts the benchmark in the lower end of technically neutral territory with a 40 reading that is closer to the oversold RSI buy signal of 30 than the overbought sell signal of 70.
There are 27 index members trading with technically attractive RSIs below the 30 buy signal. The top 10 most oversold stocks are Superior Plus Corp., Wheaton Precious Metals Corp., Extendicare Inc., Transcontinental Inc., Sienna Senior Living Inc., Wesdome Gold Mines Ltd., Canadian Tire Corp. Ltd., Richelieu Hardware Ltd., Fairfax Financial Holdings Ltd. and Real Matters Inc.
There are 14 technically vulnerable S&P/TSX Composite companies – mostly from the energy sector- according to RSI this week, trading above the 70 sell signal. The most overbought stocks are Baytex Energy Corp., Arc Resources Ltd., Vermilion Energy Inc., Enerplus Corp., Imperial Oil Ltd. and Whitecap Resources Inc.
There are eight companies showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization below. Canadian Natural Resources Ltd., Nutrien Ltd., Arc Resources Ltd., Bombardier Inc. and Methanex Corp. are the biggest companies making new highs.
Canopy Growth Corp., Stella-Jones Inc., and Real Matters Inc. are the three stocks making new lows.
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Scott Barlow