The S&P/TSX Composite drifted lower by a marginal 0.2 per cent for the trading week ending with Thursday 's close and sits 0.7 per cent lower for 2020 so far.
The benchmark’s Relative Strength Index (RSI) reading of 56 leaves it in the technically neutral range between the oversold RSI buy signal of 30 and the overbought RSI sell signal of 70.
There are two S&P/TSX Composite stocks – Cineplex Inc. and Aurora Cannabis Inc. - trading with allegedly attractive technical levels below the buy signal of 30, but they’ve been carrying low RSIs for a while without seeing a significant recovery rally.
Boralex Inc. continues to ride the wave of ESG investment inflows and is the most technically extended, overbought index stock this week. There are 15 other overbought companies with RSIs above the sell signal of 70. These include Northland Power Inc., Toromont Industries Ltd., Canadian Pacific Railway Ltd., and Finning International Inc.
There are 12 companies exhibiting strong price momentum by hitting new 52-week highs. The major railways, CN Rail and CP Rail, are the largest firms by market capitalization making new highs, followed by Thomson Reuters Corp. and Hydro One Ltd.
Aurora Cannabis continues to establish new 52-week lows and is now down 83 per cent year to date.