The S&P/TSX Composite dropped a disquieting 3.3 per cent for the trading week ending with Friday’s close and now sits 12.0 per cent lower for 2022. Despite the slide, the benchmark is not yet oversold according to Relative Strength Index (RSI) – the current 33 reading is still above the sell signal of 30.
There are 21 stocks that are officially oversold. The ten most oversold companies are, in order, Eldorado Gold Corp., Barrick Gold Corp., TD Bank, Kinross Gold Corp., Granite REIT, Enerflex Ltd., CIBC, Dream Office REIT, Cogeco Communications Inc. and Hudbay Minerals Inc.
There is only one overbought, technically vulnerable stock trading with an RSI above the 70 sell signal and that is Canadian Utilities Ltd.
There are no S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs. There are, however, 25 companies making new 52-week lows and they are ranked by market capitalization in the table below. The five largest companies making new lows are Royal Bank, Barrick Gold Corp., Sun Life Financial Inc., Agnico Eagle Mines Ltd. and Wheaton Precious Metals Corp.
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