Thank you for joining us in a weekly technical look at the mid-cap-oriented INK Canadian Insider (CIN) Index. Last week, the Index added a small 4 point gain for a close of 1121.00. In holding its ground, the INK CIN kept alive its hope of springing free from the 1120 resistance level which has been its captor since May.
MACD moved up 0.2 to 0.98. RSI increased 1.48 points to 58.61.
Support is now at 1113.73 (200-day moving average) and 1107.37 (50-day moving average). Resistance remains at 1125 and 1135.
Last week, the INK Canadian Insider Index was about even with the price of Oil which had a small gain. The Index did outperform copper which showed a nominal loss. The INK CIN also beat gold and silver, down 1.5% and 1.8% respectively. The Index remains bullish as it sits above both its 50- and 200-day moving averages. I am looking for another rally in commodities to begin in the next 10 days or so (I see this recent pullback as the pause that refreshes). And if that happens, I think the INK CIN will finally rally and break free of the 1120-1125 range.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
