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S&P/TSX Composite Dips 2.6% Amidst Oversold and Overbought Stocks

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S&P/TSX Composite,Stock Market,RSI

The S&P/TSX Composite Index experienced a 2.6% decline for the week ending Friday, although it remains 20.9% higher for the year. The index's RSI of 35 suggests a potential buy signal, with 20 constituents showing oversold conditions. Conversely, five companies exhibit overbought vulnerabilities.

The S&P/TSX Composite dropped 2.6 per cent for the trading week ending with Friday’s close and it’s now 20.9 per cent higher for 2024. The index’s of 35 leaves it far closer to the technically attractive buy signal at 30 than the overbought sell signal of 70.

There are 20 oversold benchmark constituents this week with sub-30 RSIs. The five most oversold stocks are BCE Inc., Rogers Communications Inc., Cargojet Inc., Imperial Oil Ltd. and Pembina Pipeline Corp. There are five companies trading with overbought, technically vulnerable RSIs above to this week – Blackberry Ltd., CI Financial Corp., Transalta Corp., Aritzia Inc. and ECN Capital Corp.

There are four benchmark members showing strong price momentum by hitting new 52-week highs and they are sorted by market capitalization in the table below. In order these are CAE inc., Aritizia, Blackberry and Transcontinental Inc. Study and track financial data on any traded entity: click to open the full quote page. Data updated as of

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