The S&P/TSX Composite Index climbed 0.7 per cent for the week ended with Thursday’s close and sits 18 per cent higher for 2019. In terms of technical analysis, the benchmark’s Relative Strength Index (RSI) reading of 52 places it in the neutral range between the oversold buy signal of 30 and overbought, RSI sell signal of 70.
There are 17 technically attractive index constituents according to RSI this week, trading below the buy signal of 30. Maple Leaf Foods Inc. is the most oversold company in the benchmark, followed by Prairiesky Royalty Ltd., Gildan Activewear Inc., Shawcor Ltd. and Firstservice Corp. Former market favourite Dollarama Inc. is also on the oversold list.
There are 15 technically vulnerable, overbought TSX stocks according to RSI this week. Toromont Industries Ltd. is the most extended TSX company with Norbord Inc., Stars Group Inc., BRP Inc., National Bank of Canada and Sandstorm Gold Ltd. right behind.
There are 11 index stocks showing strong price momentum by making new 52-week highs this week and they’re ranked by market capitalization below. Brookfield Infrastructure Partners LLC made yet another new high this week and National Bank is the second largest company hitting new peaks. Ritchie Brothers Auctioneers and Cogeco Communications Inc. are also on the list.
At the opposite end of the spectrum, Gildan Activewear Inc. is the biggest company making new 52-week lows. Encana Corp., Maple Leaf Foods Inc., Cineplex Inc. and Shawcor Ltd. are also making new lows.