The week’s most oversold and overbought stocks on the TSX

The S&P/TSX Composite climbed 0.9 per cent higher for the trading week ending with Thursday’s close and sits 1.1 per cent higher for 2020.

The benchmark is reaching frothy levels with a Relative Strength Index (RSI) reading of 66 that is much closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.

There are only two index members trading in technically attractive territory with RSIs below the buy signal this week.

Westshore Terminals Investment Corp. is the most oversold company in the benchmark, followed by former market favourite Canada Goose Holdings Inc.

There are 24 overbought benchmark stocks vulnerable to a correction in the short term.

Aritzia Inc. is the most overbought stock in the index according to RSI. Freehold Royalties Ltd. is next, followed by Cineplex Inc., CAE Inc., IA Financial Corp Inc., Lightspeed POS Inc. and ONEX Corp.

There are 25 S&P/TSX Composite members showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization below.

Enbridge Inc. is the biggest company making new highs. Prominent names on the rest of the list include Shopify Inc., Manulife Financial Corp., CI Financial Corp. and Hudson’s Bay Co.

There are two stocks hitting 52-week lows this week, the same two that are oversold – Westshore Terminals Investment Corp. and Canada Goose Holdings Inc.