INK Canadian Insider Index Gains 1.3%, rises alongside surging copper, oil

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Sun, 09/08/2019 - 8:35 pm Nicholas Winton, High on the Hog

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index saw its newfound momentum snowball as it continued its rally 14.8 points or 1.3% to finish at 1113.08.

MACD added 1.87 points to move to 5.54. RSI increased 6.8 points or 12.6% to 60.48.

Support moves up to 1087 (20-day moving average) and 1103 (50-day moving average). Resistance is now at 1114.44 (upper Bollinger band) and 1120.

The INK CIN strongly outperformed Gold (-0.91%) and Silver (-1.22%) but trailed the SPDR S&P 500 ETF (SPY*US) (1.91%), Copper (3.23%), and Crude Oil (2.58%). What's bullish is that in the past, rising copper and oil prices have correlated nicely with strong performance by the INK CIN. If the Index can take out that pesky 1120 resistance, there is a lot of potential 'blue sky' above.

The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).

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