The S&P/TSX Composite fell 1.1 per cent for the trading week ending with Friday’s close and now sits 4.6 per cent lower for 2022. The index’s Relative Strength Index (RSI) of 52 leaves it in technical neutral territory, close to the half way point between the oversold buy signal and the overbought RSI sell signal of 70.
There are four benchmark constituents trading at technically attractive, oversold RSIs below 30, fewer than I would have expected given Friday’s sell-off. In order, the most oversold companies are Open Text Corp., Centerra Gold Inc., Cineplex Inc. and CAE Inc.
There are eight technically vulnerable, overbought index stocks according to RSI this week. The five most overbought companies are Shawcor Ltd., Brookfield Infrastructure Partners, Nutrien Ltd., Northland Power Inc. and Capital Power Corp.
There are two S&P/TSX Composite members showing strong price momentum by hitting new 52-week highs – Vermilion Energy Inc. and Advantage Energy Ltd.
There are 11 stocks hitting new 52-week lows and they are sorted by market capitalization in the table below. The three largest stocks making new lows are Open Text Corp., Canadian Tire Corp and CAE Inc.
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Scott Barlow