The S&P/TSX Composite was more or less flat (up 0.03 per cent) for the holiday-shortened trading week ending with Thursday’s close, leaving it higher by a healthy 17.5 per cent for the year.
The benchmark’s Relative Strength Index (RSI) level of 45 puts it in the technically neutral range between the RSI oversold buy signal of 30 and the overbought sell signal of 70.
There are 13 technically attractive, oversold benchmark stocks trading below the RSI buy signal of 30 this week.
MTY Food Group Inc. is the most oversold company in the index with Mullen Group Ltd., PrairieSky Royalty Ltd and Enerflex Ltd following. Fairfax Financial Holdings Ltd. and TransAlta Corp. are prominent names also on the oversold list this week.
The list of frothy, overbought index members begins with Dream Global REIT which has an RSI reading above the 70 sell signal at 76. Aritzia Inc., BRP Inc. and National Bank of Canada are the next most overbought stocks.
S&P/TSX Composite companies showing the strongest price momentum by hitting new 52-week highs are ranked by market capitalization below. National Bank of Canada is the largest stock hitting new highs, followed by WSP Global Inc. and IA Financial Corp. Inc.
The largest company – by a wide margin - hitting new 52-week lows is Fairfax Financial Holdings Ltd.
Shawcor Ltd., Enerflex Ltd. and Freehold Royalties Ltd. also made new lows this week.