The S&P/TSX Composite didn’t do much of anything for the trading week ending with Thursday’s close, easing lower by 0.2 per cent to sit 7.0 per cent lower for 2020 so far.
The benchmark’s Relative Strength Index (RSI) of 54 leaves it in the technically neutral range, close to the mid-way point between the oversold buy signal of 30 and the overbought RSI sell signal of 70.
There is one technically attractive index member this week trading with an RSI below the buy signal of 30 – Corus Entertainment Inc.which fell 13 per cent during the week. Nutrien Ltd., Chorus Aviation Inc., and Cineplex Inc. are close to oversold territory with RSIs of 32.
There are 23 index constituents showing technical vulnerability with RSIs above the sell signal. TFI International Inc. is the most overbought company in the benchmark, followed by Ballard Power Systems Inc., IAMGOLD Corp., Alamos Gold Inc. and First Quantum Minerals Ltd. The full overbought list is dominated by precious metals miners.
The list of stocks hitting new 52-week highs and showing strong price momentum is longer than usual at 19. These companies are ranked by market capitalization in the table below. Shopify Inc. is once again the largest stock making new highs followed by Constellation Software Inc., Pan American Silver Corp., Ballard Power Systems Inc. and Lundin Mining Corp.
There is only one S&P/TSX Composite member making a 52-week low, and that’s Sienna Senior Living Inc.
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