The S&P/TSX Composite climbed another 1.8 per cent for the trading week ending with Thursday’s close and remarkably, is now down only 7.7 for the year.
The rally has seen the benchmark’s Relative Strength Index (RSI) even closer to the overbought sell signal of 70 at 65.
For the fourth week in a row, there are no index member stocks trading at attractive technical levels below the oversold, RSI buy signal of 30. Two gold stocks, Agnico Eagle Mines Ltd. and Barrick Gold Corp., are closest to oversold territory with RSIs of 36.
There are 23 benchmark stocks trading in the overbought range with RSIs above the 70 sell signal. Baytex Energy Corp. is the most overbought company in the index followed by Aritzia Inc., MTY Food Group Inc., Corus Entertainment Inc. and Martinrea International Inc. Other prominent names on the overbought list include Telus Corp., Canadian Natural Resources and Canadian Imperial Bank of Commerce.
There is one benchmark constituent showing strong price momentum by making new highs – Northland Power Inc. the stock jumped 6.4 per cent during the week and is higher by 24.3 per cent in 2020.
There are no S&P/TSX composite stocks hitting new 52-week lows this week.
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