The S&P/TSX Composite fell 1.4 per cent for the trading week ending with Friday’s close and now stands 19.7 per cent higher for 2024. The benchmark’s Relative Strength Index (RSI) dropped to 60 from last week’s dramatically overbought levels. The index is still in the upper range of neutral technical territory between the overbought sell signal at 70 and the oversold, technically attractive buy signal of 30.
There are seven stocks with attractive RSIs below the buy signal this week. Converge Technology Solutions Corp. is the most oversold company followed by Storagevault Canada Inc., BRP Inc., Superior Plus Corp., Saputo Inc., Boardwalk REIT and Canadian Apartment Properties REIT.
There are 17 stocks with RSIs above the sell signal which makes them vulnerable to a short term correction. Atkinsrealis Group Inc. is the most overbought company with Brookfield Asset Management, CI Financial Corp., Dye and Durham Ltd and Franco-Nevada Corp.
There are ten stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The biggest companies making new highs are Brookfield Asset Management, Firstservice Corp., Celestica Inc., Colliers International Group and Gildan Activewear Inc.
The biggest companies making new 52-week lows are Alimentation Couche-Tard Inc., BRP Inc., Superior Plus and Storagevault Canada.
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