The S&P/TSX Composite declined 2.3 per cent for the trading week ending with Thursday’s close and sits 13.9 per cent higher for 2019.
The benchmark’s current Relative Strength Index (RSI) of 35 put it much closer to the oversold buy signal of 30 than the frothy, overbought RSI sell signal of 70.
There are 49 index member stocks – 20 per cent of the total - trading in technically attractive oversold territory this week.
The top 25 most oversold companies are listed in the table below. Ensign Energy Services Inc. is the most oversold stock in the benchmark and other prominent names on the list include Cameco Corp., IGM Financial Inc., Bank of Montreal, Power Financial and Imperial Oil Ltd.
There are 16 overbought, technically vulnerable index stocks according to RSI this week. TMX Group Ltd. is the most extended stock in the index, followed by Dream Office REIT , Altus Group Ltd., Metro Inc., Ritchie Brothers Auctioneers Inc., Canfor Corp. and Fortis Inc.
The 16 benchmark stocks showing the strongest price momentum, those hitting new 52-week highs, are sorted by market capitalization below.
Barrick Gold Corp is the largest company hitting new highs this week followed by Fortis Inc., Brookfield Infrastructure Partners LP, Brookfield Renewable Partners LP and Metro Inc.
There are 28 index stocks hitting new 52-week lows this week. Canadian Imperial Bank of Commerce is the largest company by market capitalization with Imperial Oil Ltd., Teck Resources Ltd., Canadian Tire Corp. and First Quantum Minerals Ltd.