The S&P/TSX Composite lost 4.1 per cent to Friday's close, and the index now stands at just 4.5 per cent higher for 2023. The benchmark's relative strength index of 38 leaves it in the lower end of the technical neutral range, nearing the oversold buy signal of 30 than the overbought, RSI sell signal of 70.
There are 19 technologically attractive index constituents with RSIs below 30 this week. The five most oversold stocks are Air Canada, MTY Food Group Inc., Park Lawn Corp., Laurentian Bank of Canada and Nuvei Corp.
There is only one stock trading in the overbought range with an RSI above the 70 sell signal, and North West Co. Inc. Fairfax Financial is close to overbought with a 69 RSI.
Fairfax Financial Holdings Ltd. is among two firms showing strong price momentum by hitting a new 52-week high. The other is SNC-Lavalin Group Inc.
There are 11 stocks that are new 52-week lows and they are ranked by market capitalization in the table below. Nuvei Corp., H&R REIT, Allied Properties REIT, Canfor Corp. and Canada Goose Holdings are among the biggest companies making new lows.