The S&P/TSX Composite recovered 1.2 per cent during the week ending with Friday’s close and is now 1.5 per cent higher for the year. The benchmark’s Relative Strength Index (RSI) of 54 leaves it in technically neutral territory, close to the midpoint between the oversold buy signal of 30 and the overbought, RSI sell signal of 70.
There are nine oversold, technically attractive benchmark stocks this week led by Saputo Inc. with an RSI of 20. The next four most oversold companies are Canopy Growth Corp., Rogers Communications Inc., Boardwalk REIT and North West Co. Inc.
There are five technically extended, overbought index stocks this week – Toronto-Dominion Bank, Celestica Inc., Nutrien Ltd., Aritzia Inc. and Enbridge Inc.
There are seven S&P/TSX Composite constituents showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The companies are Enbridge inc., Celestica, Gildan Activewear Inc., Transalta Corp., Gibson Energy Inc., NGex Minerals Ltd. and Enerflex Ltd.
There are four stocks making new 52-week lows – Saputo Inc., Canadian Apartment Properties REIT, Boardwalk REIT and InterRent REIT.
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