INK Canadian Insider Index hits 1193 and reaches new 2020 highs

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Mon, 01/13/2020 - 4:37 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 INK CIN built onto its impressive recent run, tacking on 10.75 points or 0.9% to finish the week at 1193.

MACD rose 75 points to -0.58. RSI rose 6.29 points or 10.1% to 69.43.

Support moves up to 1172 (upper Bollinger) and 1167.80 (50-day moving average). Resistance rises to 1195 (upper Bollinger band) and 1200.

As performance goes, the INK CIN had a strong week in relative terms. The Index bested gold (0.60%), silver (-0.25%), slip-sliding crude (-6.36%) and trailed only nominally behind copper (0.95%) and the SPDR S&P 500 ETF (SPY*US) (1.02%).

The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII). The INK CIN’s move higher has been impressive but the technical caution remains, for its momentum indicators MACD and RSI show negative divergence and have not moved anywhere near their highs along with price. Given that, the big round number 1200 ought to provide a key test in early 2020.

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