The S&P/TSX Composite was lower by just 0.35 per cent despite considerable volatility during the trading week ending with Friday’s close. The benchmark’s Relative Strength Index (RSI) of 55 leaves it close to the midway point between the technically attractive buy signal at 30 and the overbought, technically vulnerable indicator – the sell signal of 70.
There are six index constituents with attractive RSIs below the buy signal. Air Canada is the most oversold company followed by Topaz Energy Corp., Bausch Health Cos Inc., Jamieson Wellness Inc., BRP Inc. and Premium Brands Holdings Corp.
There are 14 benchmark stocks with RSIs above the sell signal beginning with Converge Technology Solutions. Blackberry Ltd., Great-West Lifeco Inc., TMX Group Ltd. and Power Corp of Canada follow.
There are nine stocks showing strong price momentum by hitting new 52-week highs this week and they are ranked by market capitalization in the table below. Intact Financial Corp., Power Corp of Canada, TMX Group Lundin Gold Inc. and Definity Financial Corp. are the largest companies making new highs.
The biggest companies making new lows are BCE Inc., BRP Inc. and Premium Brands Holdings Corp.
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