The S&P/TSX Composite drifted lower by 0.3 per cent for the trading week ending with Thursday’s close and stands 17.2 per cent higher for 2019.
In technical terms, the benchmark is neither overbought or oversold, according to Relative Strength Index (RSI). The current RSI of 43 is slightly closer to the oversold RSI buy signal of 30 than the overbought sell signal of 70, but not by much.
There are 20 oversold, technically attractive index stocks this week led by PrairieSky Royalty Ltd., Spin Master Corp. and Gildan Activewear Inc. There are a number of prominent, dividend-paying companies on the oversold list, including BCE Inc., Rogers Communications Inc. and Pembina Pipeline Corp.
The list of overbought, technically vulnerable benchmark constituents is led by Norbord Inc. Dream Global REIT, BRP Inc., Knight Therapeutics Inc., Aritzia Inc. and National Bank of Canada follow.
There are two firms showing string price momentum by hitting new 52-week highs this week – Element Fleet Management Corp. and (a blast from the past) Ballard Power Systems Inc.
The list of TSX stocks hitting new 52-week lows is larger than it has been recently at eight companies.
Sorted by market capitalization below, the list begins with Rogers Communications Inc., Gildan Activewear Inc., Prairiesky Royalty Ltd., Stella-Jones Inc. and Labrador Iron Ore Royalty Co.