The S&P/TSX Composite dropped 0.9 per cent for the trading week ending with Thursday’s close and sits 2.5 per cent lower for 2020.
The benchmark’s current Relative Strength Index (RSI) reading of 35 puts it in the neutral technical range, but much closer to the oversold sell signal of 30 than the overbought RSI sell signal of 70.
There are 23 index members trading in technically attractive territory with RSIs below the 30 buy sign (I expected more for what that’s worth).
Cineplex Inc. is the most oversold stock in the index after taking a 10.6 per cent beating for the week. Other prominent names on the oversold list include Bank of Montreal, National Bank of Canada , Air Canada, Cenovus Energy Inc. and Linamar Corp.
There are only three overbought, technically vulnerable benchmark companies this week, all REITs. Northview Apartment REIT is the most overbought index member, followed by Interrent REIT and Killam Apartment REIT.
There are seven S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs, and they are ranked by market capitalization below. Franco-Nevada Corp. is the largest company making new highs, followed by Intact Financial Corp., Algonquin Power & Utilities , Canadian Utilities Ltd., Canadian Apartment Properties REIT, Kinaxis Inc and Interrent REIT.
There are 34 index constituents making new 52-week lows. Toronto Dominion Bank is the largest stock making new lows with Bank of Montreal right behind. Other prominent names include Suncor Energy Inc., Cenovus Energy Inc., Canada Goose Holdings Inc. and BlackBerry Ltd.