The S&P/TSX Composite had a difficult trading week ending with Friday’s close, falling 2.4 per cent. Despite the weakness, the index remains in technical neutral territory according to Relative Strength Index (RSI). The benchmark’s RSI of 47 is close to the midpoint between the attractive RSI buy signal of 30 and the overbought, RSI sell signal at 70.
There are 15 index stocks trading at oversold levels below the RSI buy signal. Parex Resources Inc. is the most oversold company followed by Canopy Growth Corp., Africa Oil Corp., Pason Systems Inc. and Atkinsrealis Group Inc.
There are 23 overbought, technically extended companies by RSI this week beginning with Hydro One Ltd., Canadian Imperial Bank of Commerce, Crombie REIT, North West Co. Inc. and Canadian Utilities Ltd.
There are 11 S&P/TSX Composite stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. Enbridge Inc. is the biggest company hitting new highs followed by TC Energy Corp., Pembina Pipeline Corp., CCL Industries Inc. and Keyera Corp.
There are 10 companies hitting new 52-week lows. NexGen Energy Ltd., Maple Leaf Foods Inc. and Lightspeed Commerce Inc. are the biggest of those.
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