The S&P/TSX Composite fell 1.3 per cent for the trading week ending with Thursday’s close and sits lower by just over two per cent for 2020.
In terms of Relative Strength Index (RSI) , the benchmark is in technically neutral territory with a reading of 48 that is only marginally closer to the oversold, RSI buy signal of 30 than the overbought sell signal of 70.
There are four oversold, technically attractive index members this week with RSIs below 30. Cogeco Communications Inc. is the most oversold company in the benchmark. It’s joined by Maple Leaf Foods Inc., Westshore Terminals Investment Corp. and Allied Properties REIT.
There are 14 S&P/TSX Composite companies trading at technically vulnerable RSI levels above the sell signal of 70. Two cyclical stocks, Toromont Industries Ltd. and Linamar Corp, are the most overbought this week. Other notable names on the list include CAE Inc., Canadian Tire Corp., Canada Goose Holdings Inc. and Brookfield Property Partners.
There are four benchmark constituents showing strong price momentum by hitting new 52 week highs and they are sorted by market capitalization below.
Toromont Industries Ltd. is the largest companies making new highs, followed by Tourmaline Oil Corp., New Gold Inc., and Sleep Country Canada Holdings Inc.
There are no index stocks hitting new 52 week lows.
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