The S&P/TSX Composite rose another 0.4 per cent for the trading week ending with Thursday’s close and stands 4.8 per cent higher for 2020.
In terms of technical analysis, the benchmark’s Relative Strength Index (RSI) reading of 68 puts it right below the overbought RSI sell signal of 70 for the second week in a row.
There are three index members trading in the attractive oversold RSI range below the buy signal of 30. Chemtrade Logistics Income Fund is the most oversold company in the benchmark, and it’s joined by Pretium Resources Inc. and Finning International Inc.
There are 49 S&P/TSX composite stocks – more than 20 per cent of the total - trading in overbought territory above the 70 sell signal.
The ten most overbought stocks according to RSI this week are, in order, Boralex Inc., Hydro One Ltd., Northland Power Inc., Capital Power Corp., Brookfield Renewable Partners LP, Innergex Renewable Energy , Premium Brands Holding Corp., Brookfield Asset Management , Allied Properties REIT and NFI Group Inc.
There are 33 benchmark members showing strong price momentum by making new 52-week highs this week, and they are ranked by market capitalization in the table below.
The biggest company making new highs is Brookfield Asset Management, followed by Shopify Inc., TC Energy Corp., Canadian pacific railway Ltd., Waste Connections Inc., Constellation Software Inc., Brookfield Infrastructure Partners LP and Fortis Inc.
There is only one stock, Frontera Energy Corp., hitting new 52-week lows