The S&P/TSX Composite plummeted 3.6 per cent for the trading week ending with Friday’s close and is now 0.8 per cent higher year to date. The benchmark’s Relative Strength Index (RSI) of 39 leaves it in the lower segment of neutral technical territory, closer to the oversold buy signal of 30 than the overbought, technically vulnerable sell signal of 70.
There are 15 index stocks with attractive RSIs below the buy signal. The five most oversold stocks are, in order, Open Text Corp., Altus Group Ltd., Kinaxis Inc., Thomson Reuters Corp and Intact Financial Corp.
There are five companies with overbought RSIs suggesting a higher risk of temporary pullback. These are Spartan Delta Corp., BCE Inc., Suncor Energy Inc., Pembina Pipeline Corp. and Prairiesky Royalty Ltd.
There are also five benchmark constituents showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization in a table below. The biggest company making new highs is Prairiesky Royalty Ltd. followed by Peyto Exploration & Development Corp., Topaz Energy Corp., Enerflex Ltd and 5N Plus Inc.
Companies making new 52-week lows include Constellation Software Inc., Metro Inc., and Descartes Systems Group Inc.
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