The S&P/TSX Composite jumped 9.9 per cent for the trading week ending with Thursday’s close and the index sits 21.0 per cent lower for 2020.
The benchmark’s Relative Strength Index (RSI) level of 44 puts it in technically neutral territory although a bit closer to the oversold buy signal of 30 than the overbought RSI sell signal of 70.
There are 28 index members trading at attractive technical levels according to RSI, below the buy signal of 30.
H&R REIT is the most oversold benchmark company after dropping 14 per cent for the week. Enerplus Corp. is close behind, followed by Shawcor Ltd., Crescent Point Energy Corp., Pason Systems Inc. and Cenovus Energy Inc.
Other prominent names on the oversold list include First Capital REIT, Suncor Energy Inc., and Celestica Inc.
There are no overbought TSX companies trading above the RSI sell signal of 70. Silvercorp Metals Inc. and Wheaton Precious Metals Corp are closest.
There are no S&P/TSX Composite constituents showing strong price momentum by making new 52-week highs. There is only one company, Frontera Energy Corp., hitting new 52-week lows.
Scott Barlow