The S&P/TSX Composite Index rose 0.8 per cent for the trading week ending with Friday’s close and is now 5.9 per cent higher for 2024. The benchmark’s Relative Strength Index (RSI) of 53 leaves it in neutral technical territory close to the midpoint between the attractive oversold buy signal at 30 and the overbought RSI sell signal of 70.
There are seven benchmark constituents trading with attractive RSIs below 30. Boyd Group Services Inc. in the most oversold TSX stock, followed by Mullen Group Ltd., Capital Power Corp., TFI International Inc., Spin Master Corp., Storagevault Canada Inc. and Richelieu Hardware Ltd.
There are 14 S&P/TSX Composite companies with overbought RSIs above the 70 sell signal. The five most overbought stocks are Hudbay Minerals Inc., Primo Water Corp., Paramount Resources Ltd., Ivanhoe Mines Ltd. and Parex Resources Inc.
There are also 14 companies showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The five largest companies making new highs are Agnico Eagle Mines Ltd., Teck Resources Ltd., Wheaton Precious Metals Corp., Pembina Pipeline Corp. and Ivanhoe Mines.
There is one company making a new 52-week low – Spin Master Corp.
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Scott Barlow