The S&P/TSX Composite climbed 1.0 per cent for the trading week ending with Friday’s close and now sits 9.0 per cent lower for 2022. Relative Strength Index (RSI) leaves the benchmark in technically neutral territory with a 42 reading that is between the oversold RSI buy signal of 30 and the overbought sell signal of 70.
The list of nine technically attractive oversold stocks is dominated by gold miners. The five most oversold companies are, in order, Eldorado Gold Inc., Centerra Gold Inc., Torex Gold Resources, IAMGOLD Corp and Kinross Gold Corp. Toronto-Dominion Bank is also on the list, although just barely.
There are no overbought, technically vulnerable benchmark companies which is surprising in light of the strong week for the market overall. Winpak Ltd. and Saputo Inc. are closest with RSIs of 69 and 68 respectively.
There are three S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. Loblaw Companies Ltd is the largest stock making new highs, followed by Dollarama Inc.. and TransAlta Corp.
There are nine stocks hitting new 52-week lows, led in size by Barrick Gold Corp and Agnico Eagle Mines Ltd.
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Scott Barlow