INK Canadian Insider Index holds steady, eyes rising copper

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, was a fairly quiet week for the Index. It did try to break through the 1127-1130 level but was turned back three times before closing down a nominal 2.5 points at 1118.27.

MACD rose 1.8 points to 1.14. RSI pulled back 8.1 points to 65.63.

Support is at 1101 (20-day moving average) and 1061 (50-day moving average). Resistance is at 1130 and 1150.

The INK CIN kept pace with US markets which were essentially flat for the week. Interestingly, copper (which I see as the key for investors seeking to profit in 2019) continues to quietly move higher, adding another 1.35% last week. In my mind, we could see the Index pause another few days and then kick it into gear for an attempt a rally above 1130. Part of that is because I still expect us to see another powerful move higher this month which will include smaller speculative type stocks. Certainly, copper, which is a leading indicator of inflation and speculation, supports my thesis both with its steady climb and by carving out a compelling inverse head and shoulders pattern.

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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