The S&P/TSX Composite was higher by 0.32 per cent for the trading week ending with Friday’s close and is 1.6 per cent higher for 2022 so far. Relative Strength Index (RSI) leaves the index in the higher portion of the technically neutral range with a 56 reading that is closer to the overbought sell signal of 70 than the oversold, technically attractive buy signal of 30.
There are six oversold benchmark constituents this week, most from the manufacturing sector. They are, in order, Linamar Corp., Magna International Inc., Cargojet Inc., ATS Automation Tooling Systems Inc., Martinrea International Inc., and FirstService Corp.
There are 28 companies trading in overbought territory above the RSI sell signal of 70. The five most overbought S&P/TSX Composite stocks are Dream Office REIT, Intertape Polymer Group Inc., Empire Co. Ltd., Brookfield Renewable Partners and SSR Mining Inc.
There are 14 companies 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 making new highs are Canadian Natural Resources Ltd., George Weston Ltd., Dollarama Inc., Empire Co. Ltd. and Choice Properties REIT.
There are eight stocks hitting new 52-week lows – Open Text Corp., Blackberry Ltd., Primo Water Corp., Dye and Durham Ltd., Transcontinental Inc., Cronos Group Inc., Lifeworks Inc. and Aurora Cannabis Inc.
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