The S&P/TSX Composite took a beating for the trading week ending with Thursday’s close, falling 2.4 per cent, although the year to date total return of 17.0 per cent remains healthy.
In technical terms, the index shows a Relative Strength Index (RSI) of 39 that places it in the lower end of the neutral range between the oversold buy signal of 30 and the overbought RSI sell signal of 70.
There are 15 index members trading at attractive, oversold technical levels according to RSI this week.
Blackberry Ltd. is the most oversold stock in the benchmark after falling almost 6 per cent. Prominent names on the oversold list include Inter Pipeline Ltd., Canadian National Railways Co. and Canntrust Holdings Inc.
The overbought, technically vulnerable list is dominated by bond proxies (dividend-paying assets that rise with bond prices) and begins with Brookfield Renewable Partners LP. Dream Global REIT is the next most overbought stock in the benchmark followed by takeout target Stars Group Inc.
Index stocks with the strongest price momentum – those hitting new 52-week highs – are ranked by market capitalization below. Constellation Software Inc. is the largest company making new highs, followed by Brookfield Renewable Partners LP and Canadian Apartment Properties REIT.
The largest company making new 52-week lows this week is Linamar Corp., followed by Shawcor Ltd., Mullen Group Ltd. and Secure Energy Services Inc.