The S&P/TSX Composite dropped another 1.9 per cent during the trading week ending with Friday’s close and is now down for the year at -0.62 per cent. The benchmark only barely avoided oversold territory with aThere are even more oversold, technically attractive index constituents – 51 - by RSI this week than last. The five most oversold companies are Westshore Terminals Investment Corp., CI Financial Corp., IGM Financial Inc., Park Lawn Corp. and Laurentian Bank of Canada.
There are only two companies trading at overbought, technically vulnerable levels with RSIs above the 70 sell signal – Peyto Exploration & Development Corp. and Eldorado Gold Corp. There are no S&P/TSX Companies showing strong price momentum by hitting new 52-week highs this week. There are 27 index members making new 52-week lows and they are ranked by market capitalization in the table below. All of the five major bank stocks make up the top five largest stocks making new lows.