The S&P/TSX Composite rose another 0.8 per cent and its total return now stands only 0.2 per cent lower for 2020. The benchmark continues to flirt with overbought conditions. The Relative Strength Index (RSI) of 64 is much closer to the RSI sell signal of 70 than the oversold RSI buy signal of 30.
There are no technically attractive, oversold index member stocks this week, which has become the norm. Knight Therapeutics Inc. is closest with an RSI of 32 and Real Matters Inc. is the second most oversold benchmark stock with an RSI five points above the buy signal.
The major banks dominate the list of overbought, technically vulnerable S&P/TSX Composite companies. National Bank is the most overbought company in the index and CIBC and Royal Bank are close behind. TD and BMO are also on the list. Other prominent names in overbought territory include Canadian National Railway Co. and Altus Group Ltd.
There are three index constituents showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization below. Canadian National Railway Co. is the largest company making new highs, followed by Descartes Systems Group and Altus Group Ltd.
There are no index members hitting new 52-week lows.
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