INK Canadian Insider Index drops 9.6 points to 1123.95

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index began with strength early but could not move above 1140 and ultimately, closed down 9.6 points or 0.8% to finish at 1123.95.


 

Our short-term momentum indicator RSI dropped 6.7 points to 41.6 and, in doing so, reached a new 2019 low. Our long-term indicator MACD fell 1.4 points to -3.

Support is at 1122.5 (its lower Bollinger band) and 1100. Resistance is now at 1140 and at 1130 (20-day moving average).

The INK CIN took a small step back, and, in truth, its chart has shown little technical swagger of late. What is bullish for the Index, however, is that the price of copper rose 3.29% (the base metal rose 2.21% on Friday alone) last week. As well, US Markets (SPDR S&P 500) rose 1% over the same period. These are constructive signs, and yet, I feel we may need to see the Index pull back (and pierce that lower Bollinger band) a bit more before it can trigger an upward reversal. Looking ahead, the INK CIN will need to carve decisively through hard resistance levels at 1140 and 1150 before it can eye making new 2019 highs.

The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII), a 2017 and 2018 Fundata Fundgrade A+ ® award winner.

Mysneakers | シューズ

Join the discussion in INK Chat!