The S&P/TSX Composite climbed 0.9 per cent for the shortened trading week ending with Thursdays close and it now sits 9.8 per cent lower for 2022. The Relative Strength Index (RSI) leaves the benchmark in neutral technical territory but with a reading of 35 it is a lot closer to the oversold RSI buy signal of 30 than the overbought sell signal of 70.
Mining stocks dominate the list of 11 index stocks trading at attractive, oversold technical levels below the 30 buy signal. The five most oversold companies are Eldorado Gold Corp., IAMGOLD Corp., Torex Gold Resources Inc., Kinross Gold Corp and Lundin Mining Corp. Boardwalk REIT and TD bank are other notable names on the list and Teck Resources is right on the border of oversold with an RSI of exactly 30.
There is only one overbought, technically vulnerable index stock this week with an RSI above 70 – Ritchie Brother Auctioneers.
Oddly in light of the extreme volatility recently, there are no S&P/TSX Composite companies trading at either 52-week lows or 52-week highs.