INK Canadian Insider Index rallies for 4th week in a row, gains 1.5%
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 shot up 16.8 points or 1.5% to 1147.71. The Index has now gained nearly 77 points and is on a 4-week winning streak.
Its MACD histogram which remains locked in a multi-month sub-10 range, declined 1.75 points to 3.83. On the other hand, the MACD (blue) fast line moved to its highest weekly close in 7 months at 13.09. RSI increased 3.6 points or 5.2% to 71.82.
Support moves up to 1113 (lower Bollinger band) and 1125. Resistance is now at 1167.59 (upper Bollinger band) and 1160.
The INK Canadian Insider Index impressively outperformed the price of gold which was up 1.04%, the SPDR S&P 500 ETF (SPY*US) down 0.48%, and copper which endured a 3.45% slide. On the other side of the ledger, the INK CIN slightly trailed silver (a metal I believe is headed for a much bigger move higher over the next month) which rose 1.59%. Also, as one might expect, the Index trailed oil which enjoyed a substantial 5.91% gain stemming from the attacks on Saudi oil facilities. The bulls will be interested to see if closely-correlated Copper (which worked off a strong overbought condition with last week's tumble) can turn back up and help keep the INK CIN's winning streak alive, and turn it a drive for five.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
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