The S&P/TSX Composite leapt 3.3 per cent during the trading week ending with Friday’s close and is now only 5.9 per cent lower for 2022. Technically speaking, the benchmark’s Relative Strength Index (RSI) of 60 is in the neutral range although closer to the overbought RSI sell signal of 70 than the oversold, technically attractive buy signal of 30.
There are two oversold index constituents this week – Premium Brands Holdings Corp. and NFI Group Inc.
There are eight overbought, technically vulnerable index members this week. In order, these are Bombardier Inc., Restaurant Brands International Inc., Celestica Inc., Imperial Oil Ltd., North West Co. Inc., Canadian Natural Resources Ltd., Prairiesky Royalty Ltd and CAE Inc.
The are six stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the tab le below. The three largest companies making new highs are Alimentation Couche-Tard Inc., Imperial Oil Ltd. and Intact Financial Corp.
There are two stocks hitting new 52-week lows – Park Lawn Corp. and K92 Mining Inc.