The S&P/TSX Composite fell 0.6 per cent for the trading week ending with Fridays’ close to sit 3.3 lower year to date. The benchmark’s Relative Strength Index (RSI) of 61 leaves it in the upper reaches of technically neutral territory, much closer to the overbought RSI sell signal of 70 than the oversold, attractive buy signal of 30.
The are three index companies trading below the RSI buy signal of 30 this week. Algonquin Power and Utilities Corp. is the most oversold stock, followed by Spin Master Corp. and ECN Capital Corp.
There are 14 stocks trading in the technically vulnerable range above the RSI Sell signal of 70. The five most overbought companies are Shawcor Ltd., Restaurant Brands International Inc., Chemtrade Logistics Income Fund, Enerflex Ltd. and Summit Industrial Income REIT.
There are six index constituents showing strtrong price momentum by hitting new 52-week highs and they are ranked by market capitalization below. The three largest companies making new highs are Restaurant Brands International, CGI Inc. and Fairfax Financial Holdings Ltd..
There is one stock making new 52-week lows and that is Altagas Ltd.
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