The S & P / TSX Composite plummeted 6.5 per cent for the trading week ending with Friday close and now sits 9.7 per cent lower for 2022. Relative Strength Index (RSI) leaves the benchmark as a whole oversold as its 26 reading is well below the RSI buy signal of 30.
There are over 60 oversold, technically attractive index constituents by RSI this week and the 25 most oversold are listed in the table below. The top five are Dream Office REIT, AltaGas Ltd., Tricon Residential Inc., Canadian Western Bank and Summit Industrial REIT.
There are no benchmark stocks trading in overbought territory above the RSI sell signal of 70. Saputo Inc. is closest with an RSI of 62.
There are no S & P / TSX Composite stocks showing strong price momentum by making new 52-week highs. There are, however, 21 companies hitting new lows and they are ranked by market capitalization in the table below.
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