The S&P/TSX Composite jumped 2.5 per cent for the trading week ending with Friday’s close and is now 22.6 per cent higher for 2021.
The benchmark’s Relative Strength Index (RSI) of 68 leaves it very close to overbought territory, bumping up against the RSI sell signal of 70.
There are four technically attractive, oversold index stocks this week with RSIs below the buy signal of 30. Cogeco Communications Inc. is the most oversold index member joined by Saputo Inc., Transcontinental Inc. and Hexo Corp.
There are 32 benchmark stocks trading at technically vulnerable levels with RSIs above the 70 sell signal. The 10 most overbought companies are Enerflex Ltd., Enerplus Corp., Canadian Natural Resources lTD., Secure Energy Services Inc., Whitecap Resources Inc., MEG Energy Corp., First Quantum Minerals Ltd., Parex Resources Inc., Baytex Energy Corp and Chemtrade Logistics income Fund.
There are 21 S&P/TSX Composite companies showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization below. Brookfield Asset Management Inc. is the largest stock making new highs, followed by Enbridge Inc., Bank of Montreal, TC Energy Group, Canadian Natural Resources and Sun Life Financial Inc..
Only one stock, Saputo, hitting 52-week lows.
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