The S&P/TSX Composite dropped 2.0 per cent for the week ending with Thursday’s close and sits 4.5 per cent lower for 2020.
In terms of technical analysis, the benchmark’s Relative Strength Index (RSI) of 40 leaves it in the lower portion of the neutral range - closer to the oversold , attractive buy signal of 30 than the overbought RSI sell signal of 70.
There are a bunch of energy and real estate names among the 19 oversold, technically attractive benchmark stocks this week.
Imperial Oil Ltd., Husky Energy Inc., and Pembina Pipeline Corp. are the three most oversold stocks in the index. Boardwalk REIT is the next most oversold stock and it’s joined by Allied Properties REIT and RioCan REIT on the list.
There are two overbought, technically vulnerable index members this week. The North West Co. is the most extended stock in the benchmark, followed by Metro Inc. These are also the two companies showing strong price momentum by making new 52-week highs.
There are no S&P/TSX Composite stocks hitting new 52-week lows.
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