The S&P/TSX Composite jumped another 2.7 per cent for the week ending with Thursday’s close and the entire benchmark is now overbought according to Relative Strength Index (RSI).
The index’s current RSI of 73 is well above the sell signal of 70, and the oversold RSI buy signal of 30 is a distant memory.
There are no technically attractive oversold stocks this week as we might expect from the market’s strong rally. Two gold miners, Agnico Eagle Mines Ltd and Barrick Gold Corp., are the closest to oversold with RSIs of 30 and 31 respectively.
There are 66 stocks, about 30 per cent of index, trading in overbought territory above the RSI sell signal of 70. Whitecap Resources Inc. is the most overbought benchmark company , followed by H&R REIT and Intertape Polymer Group Group Inc. Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal and Toronto-Dominion Bank are all among the top 10 most overbought stocks.
There are 12 S&P/TSX Composite companies showing strong price momentum by making new 52-week highs and they are ranked by market capitalization in the table below.
First Quantum Minerals is the largest stock hitting new highs. Newer names on the list include Aphria Inc., ECN Capital Corp and Trillium Therapeutics Inc.
Unsurprisingly, there are no index constituents hitting new 52-weel lows.
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