The S&P/TSX Composite dropped 0.9 per cent for the trading week ending with Friday’s close and sits 20.5 per cent higher for 2021. The benchmark’s Relative Strength Index (RSI) of 55 leaves it in technically neutral territory not far from the mid-way point between the attractive, oversold buy signal of 30 and the overbought RSI sell signal of 70.
There are nine technically attractive stocks with RSIs below the buy signal. Hexo Corp. is the most oversold company in the index and it’s followed by Rogers Communications Inc., Canopy Growth Corp., Cominar REIT, ATCO Ltd and Saputo Inc. Allied Properties is also on the oversold list.
There are 17 index members trading at overbought levels above the 70 RSI sell signal. Descartes Systems Group Inc. is the most overbought company and it’s joined in the top five by Cameco Corp., Lightspeed Commerce Inc., Constellation Software Inc. and Tourmaline Oil Corp.
There are 15 S&P/TSX Composite constituents showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The largest companies making new highs are Constellation Software Inc., Waste Connections Inc., Brookfield Infrastructure Partners, Lightspeed Commerce Inc. and Teck Resources Ltd.
The five companies making new 52-week lows are Agnico Eagle Mines Ltd., Kinross Gold Corp., Tilray Inc., B2Gold Corp. and IAMGOLD Corp.
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