The S&P/TSX Composite eased lower by 0.13 per cent during the trading week ending with Friday’s close and is now 0.9 per cent higher for 2024. The benchmark’s Relative Strength Index (RSI) of 57 puts it in neutral technical territory, not far from the midway point between the overbought RSI sell signal of 70 and the attractive, oversold RSI buy signal of 30.
Five index stocks ended the week below the buy signal. In order, these are Novagold Resources Inc. (NG-T), Stelco Holdings Inc. (STLC-T), Blackberry Ltd. (BB-T), Transalta Corp. (TA-T) and Birchcliff Energy Ltd. (BIR-T).
There are 13 companies with temporarily vulnerable RSIs above the 70 sell signal. The five most overbought stocks are CGI Inc. (GIB.A-T), Brookfield Business Partners (BBU.UN-T), Celestica Inc. (CLS-T), Waste Connections Inc. (WN-T), and Tricon Residential Inc. (TCN-T).
There are 16 benchmark constituents showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The biggest companies making new highs are Canadian National Railway Co., Canadian Pacific Kansas City, Thomson Reuters Corp., Waste Connections Inc. and Restaurant Brands International Inc..
There are 10 index constituents making new lows, the largest of which are Whitecap Resources Inc., Paramount Resources Ltd., Transalta Corp., Vermilion Energy Inc. and Blackberry.
Scott Barlow