A look at equities with price momentum in both directions
The S&P/TSX Composite recovered 1.1 per cent for the trading week ending with Friday’s close and it now stands 3.1 per cent higher for 2023. The index’s of 44 leaves it in technically neutral territory although closer to the oversold buy signal of 30 than the overbought RSI sell signal of 70.
There are 21 technically attractive benchmark stocks according to RSI this week, trading below the buy signal. The five most oversold companies are Canfor Corp., MTY Food Group Inc., Westshore Terminals Investment Corp., Air Canada and Interfor Corp.There are three stocks showing strong price momentum by hitting new 52-week highs – Canadian Natural Resources Ltd., ARC Resources Ltd. and MEG Energy Corp. - and they are ranked by market capitalization in the table below.
There are 14 companies making new 52-week lows. The largest of these are Brookfield Infrastructure Partners, West Fraser Timber Co. Ltd., Air Canada, Kinaxis Inc. and Brookfield Business Partners.
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