The S&P/TSX Composite rose 0.6 per cent for the trading week ending with Friday’s close and is now 10.8 per cent higher year to date. The benchmark’s Relative Strength Index (RSI) of 61 leaves it far close to the overbought sell signal of 70 than the technically attractive, oversold RSI buy signal of 30.
There is only one stock with an RSI below the buy signal – Boyd Group Services Inc. (BYD-T) – after falling 10.3 per cent on the week.
There are 42 companies, just under 20 per cent of the whole index, trading with temporarily vulnerable RSIs above the 70 sell single this week. The most overbought companies are takeout targets Stelco Holdings Inc. and Canadian Western Bank, followed by Colliers International Group, Constellation Software Inc., Sleep Country Canada Holdings, Sienna Senior Living Inc., Park Lawn Corp. and Altagas Ltd.
There are 30 stocks showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The biggest companies making new highs are Brookfield Corp., Constellation Software, CIBC, TC Energy Corp., and Intact Financial Corp.
-
-