The S&P/TSX Composite dropped 2.6 per cent for the trading week ending with Friday’s close and it’s now 20.9 per cent higher for 2024. The index’s Relative Strength Index (RSI) of 35 leaves it far closer to the technically attractive buy signal at 30 than the overbought sell signal of 70.
There are 20 oversold benchmark constituents this week with sub-30 RSIs. The five most oversold stocks are BCE Inc., Rogers Communications Inc., Cargojet Inc., Imperial Oil Ltd. and Pembina Pipeline Corp.
There are five companies trading with overbought, technically vulnerable RSIs above to this week – Blackberry Ltd., CI Financial Corp., Transalta Corp., Aritzia Inc. and ECN Capital Corp.
There are four benchmark members showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization in the table below. In order these are CAE inc., Aritizia, Blackberry and Transcontinental Inc.
Three stocks are hitting new 52-week lows – BCE Inc., MEG Energy Corp and Maple Leaf Foods Inc.
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