The most oversold and overbought stocks on the TSX

The S&P/TSX Composite jumped 3.6 per cent for the trading week ending with Friday’s close and is now 14.9 per cent higher for 2024. The benchmark’s of 64 leaves it in the upper end of neutral territory, much closer to the overbought RSI sell signal of 70 than the attractive, oversold by signal at 30.

There are five index companies trading with attractive RSIs below 30. The most oversold stocks are, in order, Parex Resources, Pason Systems Inc., Cenovus Energy Inc., Methanex Corp. and Canadian Natural Resources. There are 38 companies trading with temporarily vulnerable RSIs above the sell signal this week. The five most overbought stocks are Crombie REIT, Canadian Utilities Ltd., H&R REIT, Hydro One Ltd. and Canadian Apartment Properties REIT.

The full list of S&P/TSX Composite companies showing strong price momentum by hitting new 52-week highs is as long as I’ve ever seen it at 57 members. We can only fit the 25 largest companies by market capitalization here – the top five are Enbridge Inc., Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Manulife Financial Corp. and Agnico Eagle Mines Ltd.

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