The S&P/TSX Composite was 1.3 per cent higher for the trading week ending with Thursday’s close and is now a mere 6.8 per cent lower year-to-date.
Technically speaking, the benchmark’s current Relative Strength Index (RSI) of 57 puts it in the higher band of neutral territory, closer to the RSI sell signal of 70 than the oversold buy signal of 30.
After months of having no oversold, technically attractive index members to discuss we finally have one, Cineplex Inc.
The company’s RSI of 22 leaves it deeply oversold after falling more than 26 per cent for the week. Corus Entertainment Inc. is the next most oversold stock but its RSI, at 34, is not yet below the buy signal of 30.
There are eight stocks trading at technically vulnerable, overbought levels above the RSI sell signal of 70.
Shopify Inc. has been overbought for a while and has yet to suffer a significant correction. It’s the most overbought company this week again, followed by TFI International Inc., Enghouse Systems Inc., Ballard Power Systems Inc., Spin Master Corp., Descartes Systems Group, Jamieson Wellness Inc. and Seabridge Gold Inc.
There are nine S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs and they ae ranked by market capitalization in the table below. Shopify is the largest company making new highs , followed by Northland Power Inc., Descartes Systems Group, Ballard Power Systems Inc., Kinaxis Inc., TFI International, Enghouse Systems, Real Matters Inc. and Jamieson Wellness.
Cineplex Inc. is the one index stock making new 52-week lows.
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