The S&P/TSX Composite fell 0.4 per cent for the trading week ending with Friday’s close and now sits 0.1 per cent lower for 2024. The benchmark’s Relative Strength Index (RSI) of 55 leaves it in technically neutral territory, not far from either the oversold buy signal of 30 or the RSI sell signal of 70.
There are 8 stocks with attractive RSIs below the buy signal, all from the commodity complex. The five most oversold companies are, in order, SSR Mining Inc. (SSRM-T), Birchcliff Energy Ltd. (BIR-T), Enerplus Corp. (ERF-T), Cenovus Energy Inc. (CVE-T) and Fortuna Silver Mines Inc. (FVI-T)
There are 14 overbought, technically vulnerable index constituents with RSIs above 70 this week led by Badger Infrastructure Solutions (BDGI-T), Tricon Residential Inc. (TCN-T), Onex Corp. (ONEX-T), Constellation Software Inc. (CSU-T) and Thomson Reuters Corp. (TRI-T).
There ae 15 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. The largest companies making new highs are Canadian National Railway, Alimentation Couche-Tard, Constellation Software Inc., Waste Connections Inc. and CGI Inc.
There are six companies making new 52-week lows – Cenovus Energy, SSR Mining, Vermilion Energy, Birchcliff Energy, Lithium Americas Corp and Lithium Americas Argentina.
Scott Barlow