The S&P/TSX Composite fell 2.8 per cent for the trading week ending with Friday’s close and is now only 4.4 per cent higher for 2023. The index’s Relative Strength Index (RSI) is now in the lower end of the technically neutral range at 37, closer to the oversold buy signal of 30 than the overbought RSI sell signal of 70.
There are 21 technically attractive benchmark constituents trading below the buy signal this week. The five most oversold companies in the index are Storagevault Canada Inc., Canadian Tire Corp., Torex Gold Resources Inc., Sun Life Financial Inc. and Bank of Montreal. Royal Bank of Canada, Canadian Imperial Bank of Commerce and Rogers Communications Inc. are also on the list.
There are only three overbought, technically vulnerable names this week – Suncor Energy Inc., Imperial Oil Ltd. and Chartwell Retirement Residences.
There are also three S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization in the table below. Canadian Natural Resources Ltd. is the largest company hitting a new high, followed by WSP Global Inc. and Cameco Corp.
There are six companies making new 52-week lows – Bank of Nova Scotia, CIBC, Telus Corp., Lithium Americas Corp. , Brookfield Business Partners LP Units.