The S&P/TSX Composite dropped 0.6 per cent for the trading week ending with Friday’s close and now stands 4.0 per cent higher for 2023. The benchmark’s Relative Strength Index (RSI) of 44 leaves it in the lower end of the technical neutral range, between the oversold buy signal of 30 and the RSI sell signal of 70.
There are 12 index members trading with attractive RSIs below the 30 buy signal. The five most oversold stocks are Rogers Communications Inc., Canopy Growth Corp., Telus Corp., George Weston Ltd. and Saputo Inc.
There are only two TSX companies trading with technically vulnerable RSIs above the 70 sell signal – Stella-Jones Inc. and Westshore Terminals Investment Corp.
There are two benchmark constituents showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. In order, these are Stella-Jones and Home Capital Group Inc.
There are seven companies making new 52-week lows. The five largest are Telus Corp., Northland Power Inc., First Majestic Silver Corp., Cargojet Inc. and Tilray Brands Inc.
Scott Barlow