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 shook off some rust and began to grind higher in an action-packed week that saw the US dollar fall and the price of copper soar - as I have predicted in our last few reviews. The INK CIN added 8 points to close at 1245.48.
Momentum cranked up for a second week in a row with RSI rising 9 points to 43.05 for a 26% gain and making for a robust two-week increase of 43%. MACD increased 3 points to 1.88. Both RSI and MACD have risen to their respective resistance levels, just below their downtrend lines that trace all the way back to May. An upward break would be significant.
Support is now at 1230 and 1240. Resistance is at 1245 and 1250.
I am looking for the Index to gain even more traction with the powerful new trend of copper now firmly in place. The base metal rose a scorching 7.99% last week and if my forecasts are correct it will continue to carve out considerable gains over the next 4 to 6 weeks, boosting commodities and other risk-on sectors along the way.
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