The S&P/TSX Composite climbed 0.63 per cent for the trading week ending with Thursday’s close.
According to Relative Strength Index (RSI), the benchmark is in technically neutral territory with a reading of 54 that is only slightly closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.
There are nine index constituents trading in the attractive RSI range below the buy signal of 30.
Canadian Western Bank is the most oversold stock in the index. Royal Bank of Canada makes a rare appearance on the oversold list and other prominent names include Empire Co. Ltd., H&R REIT, and Brookfield Properties Partners LP.
The most technically vulnerable S&P/TSX Composite companies – those trading above the RSI sell signal of 70 – are led by Dream Global REIT and Bausch Health Companies Inc. MEG Energy Corp., Linamar Corp. and Canadian Natural Resources Ltd. are also on the list.
There are five index stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization below. Canadian Pacific Railway Ltd. is the largest company hitting new highs, followed by Bausch Health Companies Ltd., Pan American Silver Corp., Stantec Inc. and WestJet Airlines Ltd.
There is one stock, North West Company Inc, making a new 52-week low.
Scott Barlow