The S&P/TSX Composite Index fell 2.7 per cent for the trading week ending with Friday’s close and is now barely positive for the year - 1.8 per cent higher. The benchmark’s Relative Strength Index (RSI) of 30 is right at the oversold buy signal.
There are fully 47 index constituents trading with attractive RSIs below the buy signal of 30. The top of the list is dominated by REITs with Smartcentres REIT, Crombie REIT, First Capital REIT, Northwest Healthcare Properties REIT, RioCan REIT and Interrent REIT all in the top ten most oversold companies.
Unsurprisingly, there are no benchmark stocks trading at overbought levels above the RSI sell signal of 70. There are also no TSX companies showing strong price momentum by hitting new 52-week highs.
There are 21 stocks making new 52-week lows and they are ranked by market capitalization in the table below. The five biggest companies hitting new lows are Enbridge Inc., Bank of Nova Scotia, Pembina Pipeline Corp., Northland Power Inc. and ATCO Ltd.