The S&P/TSX Composite endured a bit of a beating for the trading week ending with Friday’s close, falling 3.9 per cent. This wiped out more than half of the year to date return which is now 2.6 per cent.
Relative Strength Index (RSI) for the benchmark at 32 leaves it far closer to the oversold, technically attractive buy signal of 30 than the overbought, RSI sell signal of 70.
Real estate and financials dominate the list of 26 index stocks trading at oversold levels below the RSI buy signal of 30. First Capital REIT is the most oversold stock in the benchmark. Toronto-Dominion Bank, Bank of Montreal and Brookfield Corp. are also among the ten most oversold companies in the index.
There are only two stocks trading at overbought levels above the RSI sell signal of 70 and they are Stella-Jones Inc. and Africa Oil Corp. Stella-Jones is also the only stock showing strong price momentum by hitting a new 52-week high.
There are nine stocks making new 52-week lows and they are sorted by market capitalization in the table below. The five largest companies making new lows are Brookfield Corp., Cogeco Communications Inc., Baytex Energy Corp., Northwest Healthcare Properties REIT and Tilray Brands Inc.