The S&P/TSX Composite ran another 1.5 per cent higher for the trading week ending with Friday’s close and now stands 27.8 per cent higher for the year.
According to Relative Strength Index (RSI) the benchmark as a whole is now overbought and vulnerable to a temporary pullback. The RSI reading of 71 is above the sell signal of 70.
There are three index stocks trading with attractive, oversold RSIs below the buy signal of 30. Boyd Group Services Inc. is the most oversold company in the TSX followed by Cogeco Communications Inc. and Intertape Polymer Group Inc. Enerflex Ltd. ended the week right at the buy signal, and Aecon Group Inc. is very close to official oversold territory with an RSI of 31.
There are almost 40 overbought TSX stocks and the list includes a healthy dose of precious metals stocks. The top ten most overbought are, in order, Pretium Resources Inc., Toronto-Dominion Bank, SSR Mining Inc., Seabridge Gold Inc., Brookfield Business Partners LP, Primo Water Corp., AG Growth International Inc., IAMGOLD Corp., Celestica Inc. and Wesdome Gold Mines Ltd.
There are 28 index stocks showing strong price momentum by making new 52-week highs and they are sorted by market capitalization below. The ten biggest companies hitting new highs are Shopify Inc., TD Bank, Bank of Nova Scotia, Bank of Montreal, National Bank, Ivanhoe Mines Ltd., Gildan Activewear Inc., Brookfield Business Partners, Toromont Industries Ltd. and Descartes Systems Group.
There are two S&P/TSX Composite stocks making new lows this week – Lifeworks Inc. and Fortuna Silver Mines Inc.
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