The S&P/TSX Composite rose 0.5 per cent for the trading week ending with Friday’s close and now sits 4.6 per cent higher for 2023. The benchmark’s Relative Strength Index (RSI) of 47 leaves it in neutral technical territory, close to the midway point between the oversold buy signal of 30 and the overbought RSI sell signal of 70.
There are 16 technically attractive index constituents with RSIs below the 30 buy signal. The five most oversold companies are Canopy Growth Corp., North West Co. Inc., George Weston Ltd., Nuvei Corp., and Northland Power Inc.
There are three overbought TSX stocks with technically vulnerable RSIs above the 70 sell signal. In order, these are Onex Corp., Celestica Inc. and Air Canada.
There are five S&P/TSX Composite members showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The largest companies making new highs are Dollarama Inc., Stantec Inc. and Finning International Inc.
The stocks making new lows are Atco Ltd., Smartcentres REIT and Tilray Brands Inc.
Scott Barlow