The S&P/TSX Composite dropped 2.4 per cent for the trading week ending with Friday’s close and is now m5.6 per cent lower for 2022. The benchmark’s Relative Strength Index (RSI) of 36 leaves it in technically neutral territory although closer to the oversold buy signal of 30 than the overbought RSI sell signal of 70.
The are 12 index members trading with attractive RSIs below 30 this week. The five most oversold stocks are TransAlta Renewables Inc., Hexo Corp., Canadian Imperial Bank of Commerce, Imperial Oil Ltd. and Telus Corp. BCE Inc. and Bank of Montreal are also on the list.
There are only four overbought, technically vulnerable benchmark constituents this week trading above the RSI sell signal of 70 – Bombardier Inc., Home Capital Group Inc., Torex Gold Resources Inc., and Shawcor Ltd.
Only one stock is showing strong price momentum by hitting a new 52-week high and that is Boyd Group Services Inc.
The 11 companies making new lows are ranked by market capitalization in the table below. The five biggest companies making new lows are CIBC, Brookfield Infrastructure Partners, Brookfield Renewable Partners, Canadian Tire Corp and Algonquin Power and Utilities.
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