The S&P/TSX Composite eased lower by 0.3 per cent for the trading week ending with Friday’s close and now stands 3.9 per cent higher for 2022. In term of technical analysis, the benchmark’s Relative Strength Index (RSI) at 55 is close to the mid-way point between the oversold buy signal of 30 and the overbought RSI sell signal of 70.
The list of six oversold, technically attractive index members includes a major bank this week. In order, the most oversold stocks are Richelieu Hardware Ltd., TFI International Inc., Canadian Imperial Bank of Commerce, Home Capital Group Inc., Corus Entertainment Inc. and Equitable Group Inc.
The table of overbought, technically vulnerable TSX companies trading with RSIs above 70 is much longer at 27 members. The five most extended S&P/TSX Composite stocks are dominated by defensive names. They are Hydro One Ltd., Canadian Utilities Inc., Intertape Polymer Group Inc., Atco Ltd. and Fortis Inc.
There are 29 index companies showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization in the table below. The five largest stocks making new highs are Enbridge Inc., Canadian Natural Resources Ltd., TC Energy Corp., BCE Inc. and Alimentation Couche-Tard Inc.
There are two stocks hitting new 52-week lows, Element Fleet Management Corp. and Dye & Durham Ltd.
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