The S&P/TSX Composite was higher by another 0.6 per cent for the trading week ending with Thursday’s close and now stands 11.9 per cent higher for 2021.
According to Relative Strength Index (RSI), the benchmark as a whole remains overbought with a reading of 72 that is above the sell signal of 70.
There are no index members trading at attractive, oversold levels below the RSI buy signal of 30 this week. Two cannabis stocks, Hexo Corp. and Aurora Cannabis Inc. are closest with RSIs of 34.
There are 27 benchmark stocks trading at technically vulnerable levels above the 70 sell signal.
Stantec Inc. is the most overbought company in the index, followed by takeout target Shaw Communications Inc.. Waste Connections Inc., Dollarama Inc., Great-West Lifeco Inc. and Interfor Corp are next.
Other prominent names on the overbought list include Canadian Tire Corp., Hydro One Ltd., National Bank of Canada, Royal Bank of Canada, Fairfax Financial Holdings Ltd. and George Weston Ltd.
Once again there are no stocks hitting either new 52-week highs or lows and once again I’m confused about it. I’m starting to think it’s a quirk of Fridays – the volatility that causes new highs and lows is consistently happening on other days of the week.
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