The S&P/TSX Composite Index fell 1.5 per cent for the trading week ending with Friday’s close and now stands 4.2 per cent higher for the year. The benchmark’s Relative Strength Index (RSI) of 47 puts in the technically neutral range, close to the midpoint between the oversold RSI buy signal of 30 and the overbought sell signal of 70.
There are eight technically attractive, oversold TSX stocks according to RSI this week. The five most oversold companies in the index are Capital Power Corp., Novagold Resources Inc., Boralex Inc., North West Co. Inc and Saputo Inc.
There are five technically vulnerable, overbought stocks trading above the RSI sell signal of 70 this week. These are Onex Corp., Badger Infrastructure Solutions, Advantage Energy Ltd., Air Canada and Celestica Inc.
There is only one S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs – Celestica Inc.
There are six companies making new 52-week lows and they are ranked by market capitalization in the table below. The largest companies hitting new lows are Saputo Inc., Northland Power Inc., Atco Ltd. and Boralex Inc.