The S&P/TSX Composite index eased lower by 0.3 per cent for the trading week ending with Thursday’s close, leaving the benchmark higher by 17.3 per cent for the year. The index’s Relative Strength Index (RSI) level of 57 puts it in the upper region of technically neutral territory, closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.
There are only four benchmark constituents trading at technically attractive RSI levels below the 30 buy signal. Canntrust Holdings Inc. is the most oversold stock in the index followed by Nutrien Ltd., Canopy Growth Corp. and Blackberry Ltd.
There are 17 TSX companies trading at technically vulnerable levels about the sell signal of 70. Detour Gold Corp., and Eldorado Gold Corp. are the most extended stocks. Other prominent names on the overbought list include Westjet Airlines, Cogeco Communications Inc., and Dollarama Inc.
There are 10 S&P/TSX Composite companies showing strong price momentum this week by making new 52-week highs. The list, which starts with TC Energy Corp., is sorted by market capitalization below.
There are six stocks with notably weak price momentum this week. Methanex Corp. is the largest company making new 52-week lows and is joined Cott Corp. and Canntrust Holdings Inc.
Scott Barlow