The S&P/TSX Composite climbed 1.4 per cent for the trading week ending with Friday’s close and stands 7.9 per cent higher for 2023. At 66, the benchmark’s Relative Strength Index (RSI) is bumping up against the overbought sell signal at 70.
There is only one company, Aritzia Inc. (ATZ-T), trading with an attractive RSI below the oversold buy signal of 30. Enghouse Systems Ltd. (ENGH-T) is the next most oversold stock with an RSI of 32.
There are 25 index constituents trading at technically vulnerable levels with RSIs above 70. The five most overbought companies are Onex Corp., Laurentian Bank of Canada, Boardwalk REIT, SNC-Lavalin Group and Badger Infrastructure Solutions. Other prominent names in overbought territory include Power Corp of Canada, Royal Bank, TD Bank and Air Canada.
There are seven stocks showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization in the table below. Sun Life Financial Inc., Great-West Lifeco Inc., IA Financial Corp and TMX Group Ltd. are the largest companies making new highs.
There is only one stock making new lows – Pet Valu Holdings Ltd.
Scott Barlow