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 began with some weakness but held the 1101-1102 level three times during the week before rebounding on Friday to close at 1108.84, for a modest 1.1 point loss.
MACD improved nearly 2 points to -2 while RSI gained 5.8 points or 19.7% to 35.24. RSI hit a low of 26.85. This is worth noting as sub-30 RSI readings can often mark a capitulation and precede a trend change.
Support now sits at 1101 and 1093. Resistance moves down to 1115 and 1130.
US Markets lost 2% last week and copper 1.58%, though daily charts for both show they recovered above key support levels on Friday. Van Eck Vectors Gold Miners ETF (GDX) fell 1.9% but closed just under major support. Here we note that following its semi-annual review, the INK Canadian Insider Index is adding copper exposure (Ero Copper and Lundin Mining) while deleting some gold exposure (Dundee Precious Metals and Wesdome Gold Mines), with changes effective Friday, May 17th.
Keep an eye on the Venture Exchange which I mentioned last week, for it continues to display relative strength versus the US markets and other indices, and indeed it fell just 1.14% last week. The Venture tends to be strong when copper outperforms, so it may be anticipating that copper is about to bounce back. Finally, for the second time in two weeks, the INK CIN Index pierced its lower Bollinger band at 1100.60, and that, along with last week's sub-30 RSI reading and heavily oversold copper, make a good case for the INK Canadian Insider Index to stage a strong near-term rebound.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII), a 2017 and 2018 Fundata Fundgrade A+ ® award winner.
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