The S&P/TSX Composite jumped 2.8 per cent for the trading week ending with Friday’s close and is now 5.1 per cent higher for the year so far.
Technically, the index is in neutral territory with a Relative Strength Index (RSI) reading at 66 but it’s far closer to the overbought sell signal of 70 than the oversold, technically attractive RSI buy signal at 30.
There are no index constituents trading below the buy signal this week. There is no shortage of overbought stocks this week – there’s 35. The five most overbought companies are, in order, InterRent REIT, SNC-Lavalin Group Inc., Chorus Aviation Inc., Great-West Lifeco Inc., and Chartwell Retirement Residences.
There are eight benchmark stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The stocks are Saputo Inc., Yamana Gold Inc., Alamos Gold Inc., Bombardier, Prairiesky Royalty Ltd., Celestica Inc., Ero Copper Corp. and Torex Gold Resources Inc.
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