The S&P/TSX Composite fell 0.7 per cent for the trading week ending with Friday’s close and now sits 22.0 per cent higher for the year. Relative Strength Index (RSI) leaves the benchmark in the lower end of the technically neutral range, closer to the oversold buy signal of 30 than the overbought RSI sell signal of 70.
There are eight index members trading at attractive, oversold levels according to RSI this week. The five most oversold stocks are, in order, Enghouse Systems Ltd., Ero Copper Corp., Corus Entertainment Inc., Equitable Group Inc. and NFI Group Inc.
There are nine overbought, technically vulnerable companies trading with RSIs above the 70 sell signal, largely from defensive sectors. Fortis Inc., Emera Inc., Hydro One Ltd., AltaGas Ltd. and Loblaw Companies Ltd are the most overbought.
Ten benchmark stocks are showing strong price momentum by making new 52-week highs and they are sorted by market capitalization below. The largest companies making new highs are Bank of Nova Scotia, Nutrien Ltd., Loblaw, Fortis and George Weston Ltd.
Stella Jones Inc., Enghouse Systems Ltd., Lifeworks Inc., Ero Copper and NFI Group Inc. hit new lows.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.
Scott Barlow