The S&P/TSX Composite was up yet again, this time by a hefty 1.7 per cent, for the trading week ending with Friday’s close. The benchmark’s Relative Strength Index (RSI) of 80 leaves it well into overbought territory above the sell signal at 70.
There are four index stocks trading with technically attractive, oversold RSIs below the buy signal of 30. Algonquin Power and Utilities Corp. is the most oversold stock with an RSI of 26 and it’s followed by Boralex Inc. (26), Atco Ltd. (29) and Empire Co. Ltd.(29).
The list of overbought stocks is sizeable at 40 members. The five mot overbought stocks are Barrick Mining Corp., Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Agnico-Eagle Mines Ltd.
There are 25 benchmark constituents showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization in one of the tables below. The biggest stocks making new highs are Royal Bank of Canada, Toronto-Dominion Bank, Brookfield Corp., Enbridge Inc. and Bank of Montreal.
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