The S&P/TSX Composite dropped 1.4 per cent for the trading week ending with Friday’s close and now stands 4.7 per cent higher for 2023. The benchmark’s Relative Strength Index (RSI) of 40 leaves it in the lower portion of the technically neutral range, closer to the oversold buy signal of 30 than the overbought RSI sell signal of 70.
There are 22 technically attractive, oversold index members according to RSI this week. Precious metals stocks dominate the top of the list of most oversold companies as it’s led by First Majestic Silver Corp., MAG Silver Corp., Trisura Group Ltd., Seabridge Gold Inc., and Kinross Gold Corp.
There are seven overbought, technically vulnerable benchmark names – Stantec Inc., Pet Valu Holdings Ltd., Premium Brands Holdings Corp., Great-West Lifeco, IA Financial Corp., Maple Leaf Foods Inc. and Dream Industrial REIT.
There are three index constituents showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The three stocks are Stantec Inc., Pet Valu Holdings and Altus Group Ltd.
There are four companies making new 52-week lows – Boralex Inc., Innergex Renewable Energy, First Majestic Silver and Cronos Group Inc.