The S&P/TSX Composite jumped 1.9 per cent for the trading week ending with Thursday’s close and sits 2.7 per cent lower year to date.
The benchmark’s Relative Strength Index (RSI) level of 49 leaves it in technically neutral territory, almost exactly mid-way between the oversold RSI buy signal of 30 and the overbought sell signal of 70.
There are 12 technically attractive index stocks trading below the buy signal this week. Imperial Oil Ltd. is the most oversold company in the benchmark followed by Chemtrade Logistics Income Fund, Aurora Cannabis Inc., Husky Energy Inc. and Vermilion Energy Inc.
There are three technically vulnerable index stocks trading above the RSI sell signal of 70 this week.
Boralex Inc. is the most overbought company in the index and it’s joined by Brookfield Renewable Partners and Canada Goose Holdings Inc.
There are a larger number of companies than usual, seven, showing strong price momentum by hitting new 52 week highs. Ranked by market capitalization in the table below, these are Brookfield Renewable Partners, Empire Co Ltd., Firstservice Corp., Innergex Renewable Energy, Boralex Inc. , Cargojet Inc. and Altus Group.
There are no companies hitting new 52-week lows this week.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.
Scott Barlow