The S&P/TSX Composite jumped another 1.8 per cent for the trading week ending with Thursday’s close and remarkably, is down less than 1 per cent for 2020.
In terms of technicals, the benchmark has hit the Relative Strength Index (RSI) sell signal of 70, which implies a higher probability of a temporary pullback in the sessions ahead.
There are no oversold index stocks trading at attractive RSI levels below the buy signal of 30. Pason Systems Inc. is closest at 31.
The list of overbought, technically vulnerable S&P/TSX Composite constituents is long at 30 stocks, which we’d expect given the strong overall market conditions. TFI International Inc. is again the most overbought company in the index followed by Premium Brands Holdings Corp., Ritchie Brothers Auctioneers, CargoJet Inc., Pretium Resources Inc. and Agnico Eagle Mines Ltd.
There are 14 benchmark stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization below.
Canadian National Railways Co. is the largest stocks hitting new highs. Constellation Software Inc., Agnico Eagle Mines, Toromont Industries Ltd., and Ivanhoe Mines Ltd. are also on the list.
There is one stock, Cineplex Inc., hitting new 52-week lows this week.
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