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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.

Stocks falling to 52-week lows

Return 1W %Return YTD %Market Cap
OTEX-TOPEN TEXT CORP-5.41-35.6810,228,864,031
DIR-UN-TDREAM INDUSTRIAL REAL ESTATE-3.55-29.853,190,699,345
MX-TMETHANEX CORP-7.48-11.543,070,909,893
SPB-TSUPERIOR PLUS CORP-2.46-14.092,162,352,501
EQB-TEQB INC-6.82-27.561,679,777,205
LB-TLAURENTIAN BANK OF CANADA-3.92-16.451,419,022,351
DND-TDYE & DURHAM LTD-12.32-71.26890,644,427
PLC-TPARK LAWN CORP-7.21-38.51863,771,286

Overbought and oversold stocks 

OVERSOLD STOCKSRSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
CJR-B-TCORUS ENTERTAINMENT INC-B SH20.722.654.38-14.26-41.543.834.77
OTEX-TOPEN TEXT CORP25.6137.9152.58-5.41-35.6817.198.74
LB-TLAURENTIAN BANK OF CANADA27.5332.8340.66-3.92-16.456.786.53
RNW-TTRANSALTA RENEWABLES INC28.2616.6517.62-2.63-7.5132.3321.62
NWH-UN-TNORTHWEST HEALTHCARE PROPERT29.9411.9913.18-5.22-9.5912.10#N/A N/A
OVERBOUGHT STOCKSRSIPrice200DMAReturn 1W %Return YTD %PE Ratio TTMPE Ratio Fwd
WCN-TWASTE CONNECTIONS INC74.93192.20167.640.8012.0746.1535.41
SCL-TSHAWCOR LTD71.928.565.719.1874.34#N/A N/A8.09

Source: Bloomberg

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