The S&P/TSX Composite fell 0.5 per cent for the trading week ending with Friday’s close and is now 8.2 per cent higher for 2024. The benchmark’s Relative Strength Index (RSI) of 64 leaves it in technically neutral territory although much closer to the overbought sell signal of 70 than the technically attractive oversold RSI buy signal at 30.
There are 14 stocks trading below the buy signal this week led by First Quantum Minerals Ltd., Peyto Exploration and Development Corp., Tourmaline Oil Corp., Tamarack Valley Energy Ltd. and Baytex Energy Corp.
There are 25 companies trading with technically vulnerable RSIs above the 70 sell signal. The five most overbought stocks are Goeasy Ltd., Cargojet Inc., Canadian Imperial Bank of Commerce, Canadian Apartment Properties REIT and Firstservice Corp.
There are seven companies showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization below. The biggest companies making new highs are Constellation Software Inc., Great-West Lifeco, Parkland Corp., Nexgen Energy Ltd. and Boardwalk REIT.
The three stocks making new 52-week lows are First Quantum Minerals, SSR Mining Inc. and Orla Mining Ltd.
Scott Barlow