The S&P/TSX Composite jumped 2.7 per cent for the trading week ending with Friday’s close and is now 7.1 per cent higher for 2024. The index’s Relative Strength Index (RSI) of 67 puts it on the brink of overbought territory, close to the sell signal of 70.
There are four stocks with technically attractive RSIs below the buy signal of 30. These are Altus Group Ltd. (AIF-T), First Quantum Minerals Ltd. (FM-T), Whitecap Resources Inc. (WCP-T) and Spartan Delta Corp. (SDE-T).
There are 21 technically vulnerable benchmark constituents with RSIs above 70. The five most extended stocks are, in order, Gildan Activewear Inc. (GIL-T), Converge Technology Solutions Corp. (CTS-T), Descartes Systems Group Inc. (DSG-T), Fortuna Silver Mines Inc. (FVI-T), and Stelco Holdings Inc. (STLC-T)
There are 12 stocks 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 Shopify Inc. (SHOP-T), Thomson Reuters Corp. (TRI-T), Great-West Lifeco Inc. (GWO-T), Intact Financial Corp. (IFC-T) and Cameco Corp. (CCO-T).
Only one stock, Orla Mining Ltd. (OLA-T) making a new 52-week low.
Scott Barlow