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The S&P/TSX Composite eased lower by 0.2 per cent for the trading week ending with Friday’s close and sits 4.1 per cent higher for 2022 so far. The benchmark remains in the higher end of technically neutral range according to Relative Strength Index (RSI) with a 59 reading that is closer to the overbought sell signal of 70 than the attractive oversold RSI buy signal of 30.

There is only one index member trading in officially oversold territory and that’s Richelieu Hardware Ltd. I was a bit surprised to see CIBC just slightly above the buy signal with a 31 RSI.

There are 12 benchmark constituents trading with technically vulnerable RSI readings above the 70 sell signal. The most overbought stocks this week are, in order, Intertape Polymer Group Inc., Fairfax Financial Holdings Ltd., Fortis Inc., Hydro One Ltd., Brookfield Infrastructure Partners, Canadian Utilities Ltd. and Rogers Communications Inc.

The 19 index stocks showing strong momentum by making new 52-week highs are sorted by market capitalization in the table below. Enbridge Inc., Imperial Oil Ltd., Brookfield Infrastructure Partners, Rogers Communications and First Quantum Minerals Ltd. head the list.

Three companies – CGI Inc., Dye & Durham Ltd. and Transcontinental Inc. – hit new lows.

Stocks jumping to 52-week highs

Return 1W %Return YTD %Market Cap
ENB-TENBRIDGE INC0.5019.46118,011,637,130
IMO-TIMPERIAL OIL LTD4.5335.7841,266,092,842
BIP-UN-TBROOKFIELD INFRASTRUCTURE PA5.4110.2737,560,769,894
RCI-B-TROGERS COMMUNICATIONS INC-B4.9219.4836,028,016,532
FM-TFIRST QUANTUM MINERALS LTD4.5246.7530,763,278,516
FTS-TFORTIS INC3.983.7529,731,571,318
PPL-TPEMBINA PIPELINE CORP0.4025.9226,358,347,525
DOL-TDOLLARAMA INC7.2414.4821,085,505,104
H-THYDRO ONE LTD4.654.7720,408,908,694
TOU-TTOURMALINE OIL CORP2.7050.0419,465,868,064
FFH-TFAIRFAX FINANCIAL HLDGS LTD7.0114.2018,307,515,933
TRQ-TTURQUOISE HILL RESOURCES LTD1.7884.387,731,312,155
YRI-TYAMANA GOLD INC2.9636.637,035,628,783
ITP-TINTERTAPE POLYMER GROUP INC0.5651.662,349,462,450
PEY-TPEYTO EXPLORATION & DEV CORP5.3745.682,342,432,525
BIR-TBIRCHCLIFF ENERGY LTD2.4834.422,292,597,629
OGC-TOCEANAGOLD CORP2.8332.272,014,043,454
AAV-TADVANTAGE ENERGY LTD6.0420.781,698,377,886
SII-TSPROTT INC1.4513.071,672,219,606

Stocks falling to 52-week lows

Return 1W %Return YTD %Market Cap
GIB-A-TCGI INC-1.12-11.3524,580,030,965
DND-TDYE & DURHAM LTD-7.46-43.321,765,155,306
TCL-A-TTRANSCONTINENTAL INC-CL A-1.42-12.561,526,154,470

Overbought and oversold stocks on the TSX

OVERSOLD STOCKSRSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
RCH-TRICHELIEU HARDWARE LTD28.4144.2644.38-5.801.1817.6216.33
CM-TCAN IMPERIAL BK OF COMMERCE31.38
OVERBOUGHT STOCKSRSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
ITP-TINTERTAPE POLYMER GROUP INC84.3039.6328.360.5651.6622.1115.70
FFH-TFAIRFAX FINANCIAL HLDGS LTD79.29689.00572.327.0114.2025.7412.81
FTS-TFORTIS INC76.5262.6257.733.983.7524.2422.28
H-THYDRO ONE LTD76.4334.1031.294.654.7721.1820.69
BIP-UN-TBROOKFIELD INFRASTRUCTURE PA76.3884.8172.965.4110.2740.87185.96
CU-TCANADIAN UTILITIES LTD-A76.2738.0135.532.165.4824.0217.25
RCI-B-TROGERS COMMUNICATIONS INC-B75.1171.1262.794.9219.4819.6817.96
EMA-TEMERA INC74.4062.6459.233.980.6215.8820.53
WTE-TWESTSHORE TERMINALS INVESTME73.2833.2924.245.2030.6119.5919.96
PSI-TPASON SYSTEMS INC73.2316.2210.444.2341.7841.7322.10
TOU-TTOURMALINE OIL CORP72.1558.6540.942.7050.0411.197.62
FM-TFIRST QUANTUM MINERALS LTD71.6744.4829.684.5246.7527.2913.87

Source: Bloomberg

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