The S&P/TSX Composite fell 0.7 per cent for the trading week ending with Friday’s close and now stands 6.6 per cent higher for 2023. The index’s Relative Strength Index (RSI) of 57 leaves it in the upper end of the technically neutral range – closer to the overbought sell signal of 70 than the oversold RSI buy signal of 30.
There are six benchmark constituents trading with attractive oversold RSI readings below the buy signal. Northland Power is the most oversold stock, followed by MAG Silver Corp., Magna International Inc., Trisura Group Ltd., First Majestic Silver Corp. and SSR Mining.
There are no overbought, technically vulnerable index members this week.
There are two TSX stocks showing string price momentum by hitting new 52-week highs – CGI Inc and Saputo Inc. There are three companies making new lows – Northland Power Inc., Transcontinental Inc. and Cronos Group Inc.
Scott Barlow