The S&P/TSX Composite climbed 1.0 per cent for the trading week ending with Friday’s close and is now 13.3 per cent higher for 2024. The index’s Relative Strength Index (RSI) of 64 leaves it in the upper reaches of technical neutral territory, much closer to the overbought sell signal of 70 than the technically attractive RSI buy signal at 30.
There is only one stock trading below the buy signal this week – Pason Systems Inc. (PSI-T). There are 27 overbought index constituents led by Osisko Mining Inc., Boardwalk REIT, First Capital REIT, Crombie REIT and Canadian Apartment Properties REIT.
There are also 27 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. The five largest companies hitting new highs are Royal Bank of Canada, Canadian Imperial Bank of Commerce, Waste Connections Inc., National Bank of Canada and Pembina Pipeline Corp.
There are no stocks making new 52-week lows.
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