The S&P/TSX Composite Index climbed 0.1 per cent for the shortened trading week ending with Thursday’s close and stands 3.8 per cent higher for 2022 so far. The benchmark’s Relative Strength Index (RSI) of 53 leaves it in the technically neutral range, close to the midpoint between the oversold, attractive buy signal of 30 and the overbought RSI sell signal of 70.
There are 12 index stocks trading at oversold levels this week in a list thyat includes a number of major banks. The oversold companies, in order, are Richelieu Hardware Ltd., Equitable Group Inc., Canadian Imperial Bank of Commerce, Home Capital Group Inc., Canadian Western Bank, Corus Entertainment Inc., Bank of Nova Scotia, Descartes Systems Group, TFI International Inc., Martinrea International Inc., Linamar Corp. and Toronto-Dominion Bank.
There are 22 benchmark stocks trading at technically vulnerable levels with RSIs above the 70 sell signal. The seven most overbought companies are Intertape Polymer Group Inc., Rogers Communications Inc., Westshore Terminals Investment Corp., Pembina Pipeline Corp., Atco Ltd, Altagas Ltd. and Tourmaline Oil Corp.
There are a lot of S&P/TSX Composite constituents, 29, showing strong price momentum by making new 52-week highs are they are ranked by market capitalization below. The five biggest companies hitting new highs are Canadian Natural Resources, Nutrien Ltd., BCE Inc., Suncor Energy Inc. and Franco-Nevada Corp.
There are nine stocks making new lows this week, the largest of which are Element Fleet Management Co., CI Financial Corp., Linamar Corp., Equitable Group Inc. and Lion Electric Co.
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