Thank you for joining us in a weekly technical look at the mid-cap-oriented INK Canadian Insider (CIN) Index. The INK Canadian Insider Index tried to push higher and generate its 4th weekly gain in a row but could not move above 1125 resistance. In the end, the Index pulled back a modest 8.11 points to close at 1117.04.
MACD fell 5 points to 0.7. RSI retraced 10.76 points to 57.13. A sustained move back above 60 would most likely allow the INK CIN to significantly separate from its 200-day moving average at 1116.9 and clear overhead resistance at 1125.
Support moves to 1104.18 (lower Bollinger band) and 1109 (50-day moving average). Resistance remains at 1125 and 1135.
Despite the Index’s mini retreat, the chart remains bullish having both bounced off the key 1100 level while also closing just above its 200-day moving average of 1116.90. I remain bullish on a continued rally in markets and metals over the next couple of weeks.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
