The S&P/TSX Composite eased lower by 0.3 per cent for the trading week ending with Friday’s close and sits 6.0 per cent lower for the year. The benchmark’s Relative Strength Index (RSI) of 59 leaves it in the upper reaches of the neutral technical range, far closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.
There are only two technically attractive oversold stocks according to RSI this week – Maple Leaf Foods Inc. and Rogers Communications Inc.
The list of overbought, technically vulnerable stocks trading with RSIs above 70 is much longer at 21 members. The five most overbought benchmark stocks are, in order, TFI International Inc., Boralex Inc., Restaurant Brands International Inc., Canadian National Railway Co and Brookfield Renewable Partners LP. The remainder of the list can be seen in the table below.
There are three S&P/TSX Composite stocks showing strong price momentum by hitting new 52 week highs and the same number making new lows. The highs are Intact Financial Corp., Boralex Inc. and Definity Financial Corp.
The lows are Rogers Communications Inc., Maple Leaf Foods Inc. and IAMGOLD Corp.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.