The most oversold and overbought stocks on the TSX

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A look at equities with price momentum in both directions

The S&P/TSX Composite climbed another 0.5 per cent for the trading week ending with Friday’s close and is now 7.1 per cent higher for 2024. The benchmark’s of 67 leaves it in technically neutral territory although much closer to the overbought sell signal of 70 than the oversold buy signal at 30.

There are eight stocks with attractive RSIs below the 30 buy signal. Rogers Communications Inc. is the most oversold company in the index followed by BCE Inc., Interrent REIT, ATS Corp., Canadian Apartment Properties REIT, Killam Apartment REIT, CGI Inc and MTY Food Group Inc. There are fully 45 benchmark constituents trading with RSIs above 70 suggesting temporarily technical vulnerability. The five most technically extended stocks are Cenovus Energy Inc., Headwater Exploration Inc., Crescent Point Energy Corp., Canadian Natural Resources Ltd. and Fortuna Silver Mines Inc.

The list of S&P/TSX Composite stocks showing strong momentum by hitting new 52-week highs is as long as I’ve seen it at 32 members. They are ranked by market capitalization in the table below – Royal Bank of Canada, Canadian Natural Resources, Suncor Energy Inc., Imperial Oil Ltd. and Agnico Eagle Mines Ltd. as the largest companies making new highs. ATS Corp is the only stock hitting a new 52-week low.

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