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The S&P/TSX Composite jumped 2.2 per cent for the trading week ending with Thursday’s close and is now higher by 3.7 per cent for 2021. The benchmark’s Relative Strength Index (RSI) of 59 leaves it in the up[per range of neutral territory, a bit closer to the overbought RSI sell signal of 70 than the oversold buy signal of 30.

There are no index companies trading at attractive oversold RSI levels below the buy signal of 30. Metro Inc. and Maple Leaf Foods Inc. are closest to oversold, but with RSIs of 33 and 34 respectively, they are a decent distance from official buy territory.

There are ten overbought, technically vulnerable stocks by RSI this week, fewer than I expected with the strong index performance. Two cannabis stocks – Canopy Growth Corp. and Aphria Inc. – top the most overbought list with industrials Stantec Inc. and TFI International Inc close behind. Canada Goose Holdings Inc., one of the most shorted stocks in Canada, is next with an RSI of 77.

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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. Magna International Inc. is the largest company hitting new highs, followed by Brookfield Infrastructure Partners LP, Ballard Power Systems Inc., West Fraser Timber Co. Ltd, TFI International Inc. and Canada Goose Holdings.

One week we’ll see another benchmark stock hit new 52-week lows but this is not that week.

Stocks hitting 52-week highs

Return 1W %Return YTD %Market Cap
MG-TMAGNA INTERNATIONAL INC5.658.2029,335,175,864
BIP-UN-TBROOKFIELD INFRASTRUCTURE PA2.7810.3029,050,603,634
BLDP-TBALLARD POWER SYSTEMS INC12.4564.3713,841,576,145
WFG-TWEST FRASER TIMBER CO LTD3.055.8410,956,654,139
TFII-TTFI INTERNATIONAL INC7.6140.888,601,954,419
GOOS-TCANADA GOOSE HOLDINGS INC28.1545.226,171,230,907
CIGI-TCOLLIERS INTERNATIONAL GROUP6.538.665,014,034,035
CFP-TCANFOR CORP8.2114.663,410,976,456
ATZ-TARITZIA INC-SUBORDINATE VOTI3.0710.823,218,633,071
IFP-TINTERFOR CORP7.2811.611,833,803,453
RUS-TRUSSEL METALS INC5.209.501,557,386,025
CLS-TCELESTICA INC5.4311.591,468,599,424

This week's overbought stocks

RSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
WEED-TCANOPY GROWTH CORP79.7555.4827.459.2979.85#N/A N/A#N/A N/A
APHA-TAPHRIA INC78.2321.317.6827.44140.11804.03#N/A N/A
STN-TSTANTEC INC77.7149.6041.459.4419.6728.2124.00
TFII-CNTFI INTERNATIONAL INC76.9892.0357.357.6140.8825.6320.02
GOOS-TCANADA GOOSE HOLDINGS INC76.6555.6836.9128.1545.2299.0339.89
CRON-TCRONOS GROUP INC73.7615.778.9916.6376.92#N/A N/A#N/A N/A
CCA-TCOGECO COMMUNICATIONS INC73.73110.08101.240.8813.3013.7812.87
HEXO-THEXO CORP73.3910.054.4320.38114.99#N/A N/A#N/A N/A
TA-TTRANSALTA CORP71.5411.488.700.9717.89#N/A N/A#N/A N/A
RUS-TRUSSEL METALS INC70.2225.0518.745.209.5064.9316.21

Source: Bloomberg

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