The S&P/TSX Composite fell 0.5 per cent for the trading week ending with Friday’s close and is now 6.6 per cent higher for 2023.
The benchmark’s Relative Strength Index (RSI) if 50 leaves it at exactly the midpoint between the technically attractive, oversold buy signal of 30 and the overbought RSI sell signal of 70.
There are seven oversold index constituents this week led by Altus Group Ltd., H&R REIT, Nutrien Ltd., Canopy Growth Corp. and Northland Power Inc. There are 16 technically vulnerable companies trading above the RSI sell signal of 70. The top five most overbought stocks are Richelieu Hardware Ltd., Bellus Health Inc., TMX Group Ltd., Home Capital Group and Element Fleet Management Corp.
There are eight benchmark members showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The largest are Canadian Pacific Kansas City, Restaurant Brands International, Metro Inc. and TMX Group.
The two companies making new lows are Nutrien Ltd. and Altus Group Ltd.