The S&P/TSX Composite rose 1.1 per cent for the trading week ending with Friday’s close and now stands 1.0 per cent higher for 2024. The benchmark’s Relative Strength Index (RSI) of 62 puts it in the neutral technical range although much closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.
There are two index constituents trading with technically attractive RSIs below 30 – Novagold Resources Inc. (NG-T) and SSR Mining Inc. (SSRM-T).
There are 16 S&P/TSX Composite companies trading with frothy RSIs above the sell signal this week. The five most technically extended stocks by RSI are Badger Infrastructure Solutions Ltd., Onex Corp., Mullen Group Ltd., Pet Valu Holdings Ltd. and Tricon Residential Inc.
There are 15 index companies showing strong price momentum by making new 52-week highs and they are sorted by market capitalization in the table below. The five biggest companies hitting new highs are Constellation Software Inc., Waste Connections Inc., Great-West Lifeco Inc., Fairfax Financial Holdings Ltd., and Power Corp of Canada.
There are three stocks making new 52-week lows – SSR Mining, Blackberry Ltd. and Novagold Resources Inc.
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