The S&P/TSX Composite dropped 1.9 per cent for the trading week ending with Thursday’s close and is now 6.7 per cent lower for 2022. The benchmark’s Relative Strength Index (RSI) of 45 leaves it still in neutral technical territory although closer to the oversold buy signal of 30 than the overbought RSI sell signal of 70.
There are five index constituents trading with attractive RSIs below the oversold buy signal of 30. These are, in order, Corus Entertainment Inc., Open Text Corp., Laurentian Bank of Canada, TransAlta Renewables Inc. and Northwest Healthcare Properties REIT.
There are two technically vulnerable benchmark stocks trading with RSIs above the 70 sell signal – Waste Connections Inc. and Shawcor Ltd.
There are, unsurprisingly, no companies showing strong price momentum by hitting new 52-week highs. There are eight S&P/TSX stocks making new lows and they are ranked by market capitalization in the table below.
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Scott Barlow