The S&P/TSX Composite climbed another 0.91 per cent for the trading week ending with Friday’s close and now stands 4.3 per cent higher for the year. The benchmark’s Relative Strength Index (RSI) of 66 puts it in the upper reaches of technically neutral territory, far closer to the overbought sell signal of 70 than the technically attractive, oversold RSI buy signal at 30.
There is only one index constituent, SSR Mining Inc., trading with a technically attractive oversold RSI below 30.
There are 22 companies with RSIs above the sell signal of 70 this week. The five most overbought stocks are, in order, SNC-Lavalin Group Inc., CCL Industries Inc., Athabasca Oil Corp., WSP Global Inc. and Canadian Pacific Kansas City.
There are nine S&P/TSX Composite members showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The five biggest companies making new highs are Canadian Pacific Kansas City, CIBC, National Bank of Canada, Pembina Pipeline Corp. and Hydro One. Ltd. There are no benchmark stocks establishing a new 52-week low.
Scott Barlow