Oversold The S&P/TSX Composite fell 2.2 per cent for the trading week ending with Friday’s close and stands 5.9 per cent higher for 2023. The benchmark’s Relative Strength Index(RSI) of 47 leaves it in neutral technical territory, not far from the midpoint between the oversold by signal of 30 and the overbought RSI sell signal at 70.
There are only two index stocks trading with attractive RSIs below 30 this week – West Fraser Timber Co. Ltd. and Air Canada - which is surprising in light of the benchmark’s decline over the past week.