Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. At our last update on December 18 when we saw the Index close at 1262.38, we were seeing the last bit of year-end tax planning (investors locking in both gains and losses) and the Index faced a wall of resistance at 1269. Now three weeks later, the INK CIN has shattered that wall and bulldozed forward 30 points or 2.4% to close at 1292.39. What's more, the Index made an intraday high at 1295.50.
New support levels are 1272 and 1280, while resistance is at 1295 and 1300.
Our long-term momentum indicator MACD rose 3.3 points to 1.46 and both the slow and fast lines have moved into bullish alignment and are at 5.5 and 6.95. (Note: Seeing these lines trading above 10 will be key in order for the INK CIN to generate much greater acceleration) RSI rose 15 points or 30% to close at 63.5, indicating very strong forward momentum.
The INK Canadian Insider Index returned nearly 13% in 2017 including dividends and remains bullish and within striking distance of 1300. Such strength is no surprise, however. For copper, which has continued to power higher, as we've predicted since 2016, has remained a strong leading indicator for the Index. Indeed, 2018 is shaping up to be an excellent and historic year for equities and commodities worldwide and we are thankful to have you along for the ride.
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