The S&P/TSX Composite climbed 0.9 per cent for the trading week ending with Friday’s close and now stands 7.0 per cent higher for 2024. The index’s of 54 leaves it close to the mid-point between the oversold RSI buy signal at 30 and the overbought sell signal of 70.
There is only one index constituent with a technically attractive RSI below the buy signal – Stelco Holdings Inc. There are four stocks – Canadian Western Bank, Park Lawn Corp., Jamieson Wellness Inc. and George Weston Ltd. – with temporarily vulnerable RSI readings above 70. There are seven S&P/TSX Composite companies showing strong price momentum by hitting new 52-week highs and they are ranked by market capitalization in the table below. The five biggest stocks making new highs are Loblaw Co.s Ltd., Kinross Gold Corp., Lundin Gold Inc., Filo Corp. and Oceangold Corp.