The S&P/TSX Composite rose another 0.9 per cent for the trading week ending with Friday’s close to stand 16.2 per cent higher for 2021.
In technical terms, the benchmark remains overbought and vulnerable to a temporary pullback according to Relative Strength Index (RSI). The index’s 70 RSI reading puts it right at the overbought sell signal.
There are no benchmark stocks trading at attractive oversold technical levels below the RSI buy signal of 30. Winpak Ltd. and Canfor Corp. are closest with RSIs of 32 and 35 respectively.
There are 24 S&P/TSX composite stocks trading at overbought levels this week, led by Keyera Corp and Canadian Imperial Bank of Commerce. Inter Pipeline Ltd., Telus Corp., Bank of Montreal and Canadian Natural Resources Ltd. are also among the top ten most technically extended stocks in the index.
There are 23 benchmark stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. Royal Bank of Canada is the biggest company hitting new highs, followed by BCE Inc., Canadian Natural Resources, Suncor Energy Inc. and Nutrien Ltd.
There are no index stocks hitting new 52-week lows.
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