The S&P/TSX Composite climbed 0.9 per cent for the trading week ending with Thursday’s close and sits 16.7 per cent higher for 2019. The benchmark’s Relative Strength Index (RSI) level of 54 puts it in technical neutral territory between the oversold buy signal of 30 and the overbought RSI sell signal of 70.
There are a scant seven index constituents trading with technically-attractive RSIs below the buy signal of 30. Enerflex Ltd. is the most oversold company in the benchmark, followed by Canopy Growth Corp., First Quantum Minerals Ltd., AG Growth international Inc., Pason Systems Inc., Superior Plus Corp. and Secure Energy Services Inc.
There are 12 TSX stocks trading at technically vulnerable RSI levels above the sell signal of 70. Metro Inc. is the most overbought stock in the benchmark. The real estate sector is represented by Dream Office REIT and Interrent REIT and other prominent names on the list include Brookfield Infrastructure Partners LLP, Westjet Airlines Ltd. and hydro One Ltd.
In terms of strong price momentum, there are 17 S&P/TSX Composite stocks hitting new 52-week highs this week. They are sorted by market capitalization below. TC Energy Corp. is the largest company making a new high, followed by BCE inc., Restaurant Brands International, Loblaw Companies Inc., Weston Ltd. and Brookfield Renewable Partners LLP.
There are no benchmark stocks hitting new 52-week lows this week, which surprised me a bit in light of market volatility.