INK Canadian Insider Index finally bursts through 1130, rallies 2.3%

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Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index continued its impressive New Year's ascent after finally breaking through an overhead wall of resistance at 1130. The Index closed the week at 1143.97 with a gain of 25.7 points or 2.3%.


 

MACD fell to 0.28. RSI added nearly 10 points to 75.17. RSI has now occupied elevated or overbought territory (60 to 70+) for about the 5th week in a row. And again, a persistently high RSI is what I suggested was likely once the Index's powerful bull rally kicked into gear.

Support is at 1100 and 1112 (20-day moving average). Resistance is at 1150 and 1170.

Last week, the Index led copper -0.43% as well as gold +0.27% and silver -0.4%. All three metals closed the week strongly on Friday and appear ready to break out in the next week or so. I am looking for the INK CIN Index and commodities to continue their rally through the end of this month. And should that scenario play out, I see March as a likely place for them to pause or take a breather.

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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