The S&P/TSX Composite dropped 2.2 per cent during a difficult trading week ending with Friday’s close.
The benchmark is approaching oversold levels according to Relative Strength Index (RSI) with a 37 reading that is far closer to the oversold buy signal of 30 than the overbought, RSI sell signal of 70.
There are 29 oversold, technically attractive benchmark companies trading below the buy signal. The top ten most oversold stocks are, in order, Lightspeed Commerce Inc., ERO Copper Corp., Mag Silver Corp., Brookfield Renewable Partners LP, Enerflex Ltd., CAE Inc., National Bank, Winpak Ltd., Boyd Group Services Inc. and Corus Entertainment Inc..
There is only one overbought index stock this week – Hydro Ltd – and there is only one stock hitting new 52-week highs and that’s Shaw Communications Inc.
There are ten stocks showing weak price momentum by establishing new 52-week lows and they are ranked by market capitalization below. The five largest companies hitting new lows are Lightspeed Commerce, Northland Power Inc., Boyd Group Services, Innergex Renewable Energy and Cronos Group Inc.
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