The most oversold and overbought stocks on the TSX

The S&P/TSX Composite eased higher by 0.21 per cent for the trading week ending with Friday’s close and is now 26.0 per cent higher for 2024. The index’s Relative Strength Index of 76 leaves it in overbought territory, above the 70 sell signal, and vulnerable to a temporary correction.

There are six technically attractive benchmark constituents according to RSI this week with readings below the oversold 30 buy signal. These are led by Cargojet Inc. and followed by Toromont Industries Ltd., H&R REIT, Toronto-Dominion Bank, Boralex Inc. and Baytex Energy Corp. There are 22 index stocks showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization in the table below. The five largest companies making new highs are Shopify Inc., Thomson Reuters Inc., Bank of Montreal, Canadian Imperial Bank of Commerce and Fairfax Financial Holdings Ltd..

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