The S&P/TSX Composite jumped 1.9 per cent for the trading week ending with Friday’s close and is now higher by 6.7 per cent for 2023. The benchmark’s Relative Strength Index (RSI) of 58 leaves it in the upper end of neutral technical territory, closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.
There are three oversold index stocks trading with attractive RSIs below the buy signal this week. These are, in order, ATCO Ltd., Jamieson Wellness Inc. and Sienna Senior Living Inc.
There are 14 technically vulnerable, overbought benchmark companies this week. The five most extended stocks are Stantec Inc., Premium Brands Holdings Corp., Stelco Holdings Inc., Algoma Steel Group Inc. and Methanex Corp.
There are nine S&P/TSX companies showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The five largest companies are Manulife Financial Corp., National Bank of Canada, GFL Environmental Inc., Descartes Systems Group Inc., and Stantec.