The S&P/TSX Composite Index eased lower by 0.3 per cent during the trading week ending with Friday’s close and is now 4.41 per cent higher for the year. The benchmark’s Relative Strength Index (RSI) of 37 leaves it closer to the oversold technical buy signal of 30 than the overbought RSI sell signal of 70.
There are eight index constituents with technically attractive RSIs below the buy signal this week. Canadian Utilities Ltd., Emera Inc. and Allied Properties REIT are the three most oversold companies and Northwest Healthcare Properties REIT, National Bank of Canada and Canadian National Railway Co. are close behind.
There are three benchmark companies with overbought RSIs this week. In order these are Park Lawn Corp., Canadian Western bank and Cargojet Inc.
There is one S&P/TSX Composite stock showing strong price momentum by hitting new 52-week highs and that is Waste Connections Inc. There are four benchmark stocks making new 52-week lows – RioCan REIT, Spin Master Corp., MTY Food Group Inc. and Interfor Corp.
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