The S&P/TSX Composite fell 1.4 per cent for the trading week ending with Friday’s close to sit 11.5 per cent lower for 2022. In terms of technical analysis, the Relative Strength Index (RSI) of 41 leaves the benchmark in the lower end of neutral territory, closer to the oversold buy signal of 30 than the overbought RSI sell signal of 70.
There are 26 index constituents trading in the attractive technical range below the RSI buy signal of 30. The five most oversold stocks are TransAlta Renewables Inc., Brookfield Renewable Partners LP, Cogeco Communications Inc., Innergex Renewable Energy Inc. and Blackberry Ltd.
There are no benchmark stocks trading at overbought levels above the 70 sell signal this week.
Two stocks are showing strong price momentum by hitting new 52-week highs – Element Fleet Management Corp. and Winpak Ltd. There are 14 stocks hitting new 52-week lows and they are ranked by market capitalization in the table below.
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