Still OversoldOnce again, no surprise. GLTA
The S&P/TSX Composite climbed a healthy 2.9 per cent for the trading week ending with Friday’s close and now sits 9.0 per cent lower year to date.
Relative Strength Index (RSI) leaves the index in technically neutral territory with a reading of 50 that is exactly mid way between the oversold RSI buy signal of 30 and the overbought sell signal of 70.
There are 10 oversold, technically attractive index members trading below the 30 buy signal. The five most oversold companies are Chartwell Retirement Residences, Westshore Terminals Investment Corp., Brookfield Renewable Partners LP, ECN Capital Corp. and Sleep Country Canada Holdings Inc..
There is only one technically vulnerable, overbought index stock with an RSI above 70 this week – Secure Energy Services Inc. There is also one company showing strong price momentum by hitting new 52-week highs and that is Enerplus Corp.