INK Canadian Insider Index marches to new 2020 highs

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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 INK Canadian Insider Index built impressively upon the prior week’s rally with an 11.16 point climb, slicing through 1215 and 1220 resistance as it notches brand new 2020 highs. The Index closed the week up 0.9% and has risen 2.55% in the last 2 weeks alone.

MACD edged up 0.49 points to 3.27. RSI jumped 6 points or 9.1% to 71.24.

Support moves up to 1200 and 1210. Resistance rises to 1225 and 1228.75 (upper Bollinger band).

As performance goes, the INK CIN trailed crude oil (2.56%) and surging gold (3.93%) and silver (4.49%) but bested copper (0.33%) as well as the SPDR S&P 500 ETF (SPY*US) (-1.22%).

Last week, the Index benefited strongly from the upward push in commodity prices. The INK CIN’s early February flush below 1190 support to 1175 and fiery upside reversal through 1200 is a powerful and classic buy signal. The INK CIN is continuing to break out now and finds itself only about 5-6% below its 2018 highs.  

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

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