The S&P/TSX Composite fell 1.8 per cent for the trading week ending with Friday’s close and is now only 1.3 per cent higher for the year. The benchmark’s Relative Strength Index (RSI) of 37 is in technically neutral territory although much closer to the oversold RSI buy signal of 30 than the overbought sell signal of 70.
There are 43 stocks, a good chunk of the index, ending the week with technically attractive oversold RSIs below 30. The five most oversold companies are Algonquin Power and Utilities Corp., Air Canada, Colliers International Group Inc., Innergex Renewable Energy Inc. and Laurentian Bank of Canada.
There is only one stock, Barrick Gold Corp., with an RSI above the overbought sell signal of 70. Parkland Corp is right at 70.
Thanks to market weakness, there are no S&P/TSX Composite members showing strong price momentum by hitting new 52-week highs. There are 23 companies making new 52-week lows and they are sorted by market capitalization in the table below. The five largest stocks at new lows are all banks – Royal Bank of Canada, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and National Bank of Canada.