The S&P/TSX Composite inched higher by 0.08 per cent for the trading week ending with Friday’s close and is now up 10.6 per cent year-to-date.
According to Relative Strength Index (RSI), the benchmark sits in technically neutral territory with a 52 reading that is close to half way between the RSI oversold buy signal of 30 and the overbought sell signal of 70.
Canadian National Railway Co. is once again the only officially oversold stock in the index with an RSI of 26. Eldorado Gold Corp. is right at the border of oversold territory with an RSI right at 30, while Brookfield Renewable Partners LP and Open Text Corp. are at 31.
There are 17 S&P/TSX Composite members trading at oversold levels with RSIs above the 70 sell signal.
IGM Financial Inc. is the most overbought stock in the index followed by Great-West Lifeco Inc. and Power Corp of Canada. Other prominent names on the overbought list include takeout target Shaw Communications Inc., Riocan REIT, Imperial Oil Ltd., Labrador Iron Ore Royalty Co and Canadian Imperial Bank of Commerce.
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