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The S&P/TSX Composite fell 3.0 per cent for the trading week ending with Friday’ close and is now barely positive year to date at 0.7 per cent. In technical terms the benchmark is almost oversold with a Relative Strength Index (RSI) of 34 that is far closer to the buy signal of 30 than the overbought RSI sell signal of 70.

The list of technically attractive, oversold index members trading below the buy signal is smaller than I expected at nine members. The oversold benchmark stocks are Richelieu Hardware Ltd., Corus Entertainment Inc., Labrador Iron Ore Royalty Co., Altus Group Ltd., Onex Corp., Enghouse Systems Ltd., Hudbay Minerals Inc., Canadian Imperial Bank of Commerce and Shopify Inc.

The list of overbought index companies is short with a strongly defensive focus. Takeout candidate Intertape Polymer Group Inc. heads the list, followed by Atco Ltd., Hydro One Ltd., Canadian Utilities Ltd and Quebecor Inc.

There are only two S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs – Hydro One and Atco. The list of companies making new 52-week lows is longer at 14 members and is sorted market capitalization below. The biggest stocks hitting new lows are Shopify Inc., Open Text Corp., First Service Corp., and Onex Corp.

Stocks jumping to 52-week highs

Return 1W %Return YTD %Market Cap
H-THYDRO ONE LTD2.799.3121,102,967,155
ACO-X-TATCO LTD -CLASS I1.418.785,248,378,281

Stocks falling to 52-week lows

Return 1W %Return YTD %Market Cap
SHOP-TSHOPIFY INC - CLASS A-20.06-66.4174,377,708,735
OTEX-TOPEN TEXT CORP-0.97-13.0014,040,333,885
FSV-TFIRSTSERVICE CORP-2.50-32.737,521,694,478
ONEX-TONEX CORPORATION-4.64-22.376,564,844,341
EFN-TELEMENT FLEET MANAGEMENT COR-2.00-11.944,525,326,601
CIX-TCI FINANCIAL CORP-1.15-30.833,538,178,560
BLDP-TBALLARD POWER SYSTEMS INC-12.18-29.203,281,547,557
WEED-TCANOPY GROWTH CORP-17.44-35.692,764,148,739
AIF-TALTUS GROUP LTD-8.37-34.282,076,899,541
RCH-TRICHELIEU HARDWARE LTD-6.49-16.742,012,078,114
GSY-TGOEASY LTD-6.25-33.661,866,112,326
LEV-TLION ELECTRIC CO/THE-8.94-34.001,563,722,320
ZZZ-TSLEEP COUNTRY CANADA HOLDING-3.24-31.05935,769,570
CJR-B-TCORUS ENTERTAINMENT INC-B SH-1.99-5.81909,831,521

Overbought and oversold stocks on the TSX

OVERSOLD STOCKSRSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
RCH-TRICHELIEU HARDWARE LTD21.1136.1144.34-6.49-16.7413.52#N/A N/A
CJR-B-TCORUS ENTERTAINMENT INC-B SH27.144.435.35-1.99-5.815.855.45
LIF-TLABRADOR IRON ORE ROYALTY CO28.5435.9540.84-12.53-3.086.067.28
AIF-TALTUS GROUP LTD29.4646.5060.19-8.37-34.2849.8624.37
ONEX-TONEX CORPORATION29.7076.9090.66-4.64-22.373.83#N/A N/A
ENGH-TENGHOUSE SYSTEMS LTD29.7435.4250.11-5.01-26.5821.0121.40
HBM-THUDBAY MINERALS INC29.908.268.90-13.33-9.74#N/A N/A7.86
CM-TCAN IMPERIAL BK OF COMMERCE29.91144.29150.46-0.25-1.159.589.50
SHOP-TSHOPIFY INC - CLASS A29.93585.081526.06-20.06-66.41129.19164.39
OVERBOUGHT STOCKS
ITP-TINTERTAPE POLYMER GROUP INC82.4764439.8029.160.1552.0421.7515.50
ACO-X-TATCO LTD -CLASS I81.3472745.9442.191.418.7830.1913.96
H-THYDRO ONE LTD72.1611535.6831.622.799.3122.1621.52
CU-TCANADIAN UTILITIES LTD-A71.698239.4035.810.468.7124.9017.71
QBR-B-TQUEBECOR INC -CL B71.1278232.4730.361.7514.8812.8812.30

Source: Bloomberg

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