The Most Oversold and Overbought Stocks on the TSX

October 28, 2024 05:03 PM PDT | By Team Kalkine Media

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The Most Oversold and Overbought Stocks on the TSX — Image source: Shutterstock

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Headlines

S&P/TSX Composite’s movement offers insights into overbought and oversold stocks.

Key companies reveal significant price momentum and potential trend shifts.

Recent highs and lows highlight standout performers on the TSX.

The S&P/TSX Composite Index showed a moderate decline for the week, closing lower by 1.4 percent and marking a 19.7 percent rise for 2024. Notably, the index’s Relative Strength Index (RSI) dropped to 60, down from last week’s elevated levels, situating it within the upper end of neutral territory. This placement is below the technical threshold of 70 for overbought signals, with the lower boundary of 30 indicating an oversold range.

Currently, seven stocks are showing RSI levels within an attractive range, signifying that they fall below the usual technical indicator threshold. Among these, Converge Technology Solutions Corp. holds the most oversold position, followed by Storagevault Canada Inc., BRP Inc., Superior Plus Corp., Saputo Inc., Boardwalk REIT, and Canadian Apartment Properties REIT.

On the other side, 10 stocks have RSIs exceeding the upper limit, positioning them as potentially susceptible to short-term corrections. Atkinsrealis Group Inc. leads this list as the most overbought stock, with other notable companies such as Brookfield Asset Management, CI Financial Corp., Dye and Durham Ltd, and Franco-Nevada Corp.

A look at price momentum reveals ten stocks have achieved new 52-week highs, showcasing strong movement and ranked by market capitalization. Leading this list are companies like Brookfield Asset Management (TSX:BN), Firstservice Corp., (TSX:FSV), Celestica Inc.(TSX:CLS), Colliers International Group (TSX:CIGI) and Gildan Activewear Inc. (TSX:GIL)

Conversely, some significant players have reached new 52-week lows. Among them are Alimentation Couche-Tard Inc., BRP Inc., Superior Plus, and Storagevault Canada. The overall landscape of overbought and oversold stocks on the TSX highlights key shifts and potential movement trends across various sectors, with several stocks standing out both for their momentum and recent lows.

This recent data sheds light on market trends for the TSX, reflecting opportunities and highlighting stocks showing substantial movement across the board.

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