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The S&P/TSX Composite eased lower by 0.22 per cent for the trading week ending with Thursday’s close and stands just slightly negative, by 1.1 per cent, for 2020.
The benchmark’s Relative Strength Index (RSI) reading of 64 places it in the technically neutral range although far closer to the overbought RSI sell signal of 70 than the oversold buy signal of 30.
There is one index member company – Cominar REIT – trading in officially oversold territory below the RSI buy signal of 30 this week. Morneau Shepell Inc. is the next most oversold stock but well above the buy signal with an RSI of 34.
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There are 23 overbought, technically vulnerable S&P/TSX Composite constituents according to RSI this week.
Ritchie Brothers Auctioneers is the most overbought stock in the index followed by Stella-Jones Inc., Tourmaline Corp. and Ivanhoe Mines Ltd.. Other prominent overbought names include ATS Automation Tooling Systems, CI Financial Corp., Canadian National Railway Co. and Sun Life Financial.
There are three TSX companies showing strong price momentum by hitting new 52-week highs – Ivanhoe Mines, Altus Group Ltd. and Richelieu Hardware Ltd. There are no index stocks making new lows this week.
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