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The S&P/TSX Composite climbed an impressive 3.5 per cent for 2021′s first trading week ending with Thursday’s close.

The rally leaves the benchmark firmly in overbought territory according to Relative Strength Index (RSI) as the current reading of 72 is above the sell signal of 70.

There are, predictably, a large number of index constituents (35) trading at frothy, overbought levels.

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Energy stocks top the list of most overbought companies as Husky Energy Inc., Innergex Renewable Energy Inc., TransAlta Corp. and Transalta Renewables Inc. are the most extended stocks in the benchmark.

The market rotation to economically sensitive equity assets is clear in the overbought list this week as it’s difficult to find stocks not from commodities, industrials or banks sectors.

There is one S&P/TSX Composite company, Emera Inc., that finished the week with a technically attractive, oversold RSI below the buy signal of 30 after the utility fell more than four per cent. Chartwell Retirement Residences is right on the border of oversold with an RSI at 30.

There are 26 benchmark stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. Canadian Pacific Railway Ltd., Brookfield Renewable Partners LP and First Quantum Minerals Ltd. are the three largest companies making new highs.

There are no index stocks hitting new 52-week lows.

Stocks hitting 52-week highs

Return 1W %Return YTD %Market Cap
FM-TFIRST QUANTUM MINERALS LTD14.7514.7517,924,680,644
WEED-TCANOPY GROWTH CORP23.7923.7914,089,456,823
TECK-B-TTECK RESOURCES LTD-CLS B8.968.9613,129,824,655
CCL-B-TCCL INDUSTRIES INC - CL B5.995.9910,976,736,823
CTC-A-TCANADIAN TIRE CORP-CLASS A4.064.0610,712,504,395
BLDP-TBALLARD POWER SYSTEMS INC19.6819.6810,069,113,276
NPI-TNORTHLAND POWER INC5.475.479,922,212,540
IVN-TIVANHOE MINES LTD-CL A11.8111.819,076,985,366
LUN-TLUNDIN MINING CORP9.299.298,802,800,994
CCO-TCAMECO CORP9.159.157,240,027,089
BLX-TBORALEX INC -A10.9210.925,546,112,370
LNR-TLINAMAR CORP6.206.204,664,671,175
MX-TMETHANEX CORP4.024.024,514,617,740
SJ-TSTELLA-JONES INC3.693.693,175,756,427
CFP-TCANFOR CORP2.262.262,963,943,198
HBM-THUDBAY MINERALS INC7.747.742,411,541,954
ATA-TATS AUTOMATION TOOLING SYS10.6010.602,286,311,030
SEA-TSEABRIDGE GOLD INC7.587.582,063,830,799
ERO-TERO COPPER CORP10.6810.681,907,931,768
ECN-TECN CAPITAL CORP6.496.491,694,187,816
IFP-TINTERFOR CORP1.601.601,601,142,096
RUS-TRUSSEL METALS INC2.862.861,448,909,987

This week's overbought and oversold stocks

OVERSOLD STOCKSRSIPrice200DMAReturn 1W %Retrun YTD %PE Ratio TTMPE Ratio Fwd
EMA-TEMERA INC26.1752.3854.32-4.09-4.0921.0116.71
OVERBOUGHT STOCKSRSIPrice200DMAReturn 1W %Retrun YTD %PE Ratio TTMPE Ratio Fwd
INE-TINNERGEX RENEWABLE ENERGY85.9532.1222.0214.6514.65#N/A N/A87.28
TA-TTRANSALTA CORP84.6810.498.327.867.86#N/A N/A#N/A N/A
RNW-TTRANSALTA RENEWABLES INC83.7823.8516.028.698.6949.6527.45
BLX-TBORALEX INC -A83.2854.2434.1510.9210.92115.7983.06
EQB-TEQUITABLE GROUP INC82.61111.0077.129.629.629.237.82
IVN-TIVANHOE MINES LTD-CL A79.947.524.5111.8111.81#N/A N/A#N/A N/A
FM-TFIRST QUANTUM MINERALS LTD79.6826.2812.6314.7514.75#N/A N/A31.11
LUN-TLUNDIN MINING CORP79.5112.067.819.299.2947.3817.14
CP-TCANADIAN PACIFIC RAILWAY LTD78.54475.65376.206.396.3927.3824.15
FTT-TFINNING INTERNATIONAL INC77.6229.5420.479.149.1427.8118.56
ECN-TECN CAPITAL CORP76.266.924.856.496.4947.3612.11
CVE-TCENOVUS ENERGY INC74.668.615.7611.1011.10#N/A N/A#N/A N/A
RUS-TRUSSEL METALS INC74.3323.2517.712.862.8660.2716.95
IMO-TIMPERIAL OIL LTD74.2727.8720.7315.5215.52#N/A N/A36.53
ATA-TATS AUTOMATION TOOLING SYS74.2124.7719.1010.6010.6041.4520.76
BLDP-TBALLARD POWER SYSTEMS INC73.8335.9320.0919.6819.68#N/A N/A#N/A N/A
TD-TTORONTO-DOMINION BANK73.7474.2862.354.074.0711.4912.80
SLF-TSUN LIFE FINANCIAL INC73.6061.3252.377.237.2316.9510.72
GC-TGREAT CANADIAN GAMING CORP73.3443.2428.76-0.62-0.62293.98#N/A N/A
HCG-THOME CAPITAL GROUP INC73.0048131.5622.34086.0942766.09427610.73469378.136117556
CCO-TCAMECO CORP73.0018.3613.979.159.15#N/A N/A#N/A N/A
PSI-TPASON SYSTEMS INC72.828.556.707.997.9944.58#N/A N/A
BHC-TBAUSCH HEALTH COS INC72.6129.1723.869.549.54#N/A N/A5.64
CPG-TCRESCENT POINT ENERGY CORP72.503.522.0817.5117.5111.0849.58
MFC-TMANULIFE FINANCIAL CORP72.4724.0419.075.785.789.117.83
NPI-TNORTHLAND POWER INC72.2948.9736.745.475.4724.2527.60
SES-TSECURE ENERGY SERVICES INC71.923.041.6324.3924.39#N/A N/A#N/A N/A
NTR-TNUTRIEN LTD70.9265.0551.456.966.9635.5724.87
LNR-TLINAMAR CORP70.5471.3543.736.206.2017.6811.63
CFP-TCANFOR CORP70.2823.7514.602.262.269.745.29
MAG-TMAG SILVER CORP70.2026.7519.747.877.87#N/A N/A397.35
ERF-TENERPLUS CORP70.054.623.3115.8315.83#N/A N/A16.86

Source: Bloomberg

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