The S&P/TSX Composite dropped 0.5 per cent for the trading week ending with Friday’s close but is still up a healthy 24.8 per cent for the year. The benchmark’s Relative Strength Index (RSI) of 50 puts it in the neutral technical range, exactly half way between the oversold, technically attractive buy signal of 30 and the overbought sell signal of 70.
There are ten stocks with attractive RSIs below the buy signal. The five most oversold companies are Telus Corp., Northland Power Inc., WSP Global Inc., Stantec Inc. and Capital Power Corp.
There are 16 overbought stocks by RSI, suggesting a higher potential for a temporary pullback. The most overbought companies are Great-West Lifeco Inc., Tamarack Valley Energy Ltd., George Weston Ltd., Saputo Inc. and Spartan Delta Corp.
There are 12 stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in a table below. The biggest companies making new highs are Royal Bank of Canada, Manulife Financial Corp., Loblaw Companies Ltd., Great-West Lifeco and George Weston.
Telus Corp is the only stock making new lows.
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