Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. After its 3.9% run-up over the prior two weeks, the INK CIN added a further 15.2 points or 1.3% to close at 1158.71, achieving a new 52-week closing high.
RSI rose 8% or 6.2 points to strike 80 on the button. MACD fell 2 points to 3.6.
Support moves up to 1140 and 1150. Resistance rises to 1160 and 1166 (upper Bollinger band).
The INK Canadian Insider Index had another impressive week relative to other markets, outperforming crude oil (0.84%), copper (-1.64%), the SPDR S&P 500 ETF (SPY*US) which rose 0.92%, as well as silver (0.74%) and gold (0.38%).
1158.71 marks the Index's highest close since Nov 7, 2018 when it reached 1163.45. However, with the INK CIN bearing an 80 RSI, it is now firmly in overbought territory. The last time the Index hit 1170 on an intraday basis was the very same day, and its RSI reading at the time was 78. Within days of hitting a wall at 1170, the INK CIN went into a steep 180-point decline, culminating in a late-December bottom. So, 1170 marks a meaningful and significant resistance area that investors should watch closely.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
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