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The S&P/TSX Composite climbed another 2.9 per cent for the trading week ending with Thursday’s close and the year to date total return is now surprisingly close to flat at -4.3 per cent. The domestic equity benchmark is approaching technically vulnerable territory with a Relative Strength Index (RSI) reading of 63 that is far closer to the overbought RSI sell signal of 70 than the oversold buy signal of 30.

There are no oversold, technically attractive index constituents this week as we’d expect given the strong markets. Corus Entertainment Inc. (B) is closest to the buy range with an RSI of 34.

I expected more than 11 overbought, technically vulnerable benchmark stocks, but that’s what we have this week. TFI International Inc. is the most overbought company in the index, followed by a host of paper and forest stocks – Canfor Corp., Interfor Corp., and West Fraser Timber Co. Ltd. and Norbord Inc.

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There are five S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization below. The major railways – Canadian National Railway Co. and Canadian Pacific Railway Ltd – top the list. They are joined by TFI International, Richelieu Hardware Ltd., and Cascades Inc.

There are no benchmark stocks making new 52-week lows. 

Stocks hitting 52-week highs

Return 1W %Return YTD %Market Cap
CNR-TCANADIAN NATL RAILWAY CO5.769.8790,849,591,861
CP-TCANADIAN PACIFIC RAILWAY LTD4.8810.7149,454,551,093
TFII-TTFI INTERNATIONAL INC4.5425.314,712,579,007
RCH-TRICHELIEU HARDWARE LTD7.9818.921,812,310,842
CAS-TCASCADES INC6.3043.231,501,479,867

This week's overbought stocks

RSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
TFII-TTFI INTERNATIONAL INC84.4154.0841.324.5425.3115.6219.13
CFP-TCANFOR CORP82.0515.1012.1211.6924.38N/A222.06
IFP-TINTERFOR CORP80.0314.3912.0414.39-1.91N/A45.25
WFT-TWEST FRASER TIMBER CO LTD78.8159.0948.1916.874.21N/A27.98
OSB-TNORBORD INC78.5439.3031.1515.2213.97N/A29.27
RCH-TRICHELIEU HARDWARE LTD75.6732.1926.977.9818.9227.07N/A
ITP-TINTERTAPE POLYMER GROUP INC75.4514.9414.2324.71-6.3410.7814.28
BLX-TBORALEX INC -A75.3234.5526.646.4742.84249.6081.87
FM-TFIRST QUANTUM MINERALS LTD72.4513.3210.295.551.21131.77N/A
CNR-TCANADIAN NATL RAILWAY CO72.21127.75117.315.769.8721.1124.02
INE-TINNERGEX RENEWABLE ENERGY70.8721.5618.2212.0030.34N/A85.22

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