The S&P/TSX Composite skidded 2.0 per cent lower for the trading week ending with Friday’s close and is now 1.3 per cent lower for 2022. The benchmark is closing in on oversold territory according to Relative Strength Index (RSI) with a 34 reading that is much closer to the buy signal of 30 than the overbought RSI sell signal of 70.
There are 24 oversold, technically attractive index members this week. The five most oversold stock are Corus Entertainment Inc., Sienna Senior Living Inc., Bank of Nova Scotia, NFI Group Inc. and Allied Properties REIT.
There is only one overbought technically vulnerable benchmark company – takeout target Intertape Polymer Group Inc.
There is also only one S&P/TSX constituent showing strong price moment by making a new 52-week high and that is Tourmaline Oil Corp.
There are 12 index stocks hitting new 52-week lows and they are ranked by market capitalization in the table below. The largest companies at new lows are Bausch Health Companies Inc., Canadian Apartment Properties REIT, Brookfield Business Partners, CI Financial Corp. and Interrent REIT.
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Scott Barlow