INK Canadian Insider Index to rally with metals and miners in May?

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Mon, 04/29/2019 - 2:34 am 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 was unable to close above the 1140 mark (reaching as high as 1146 intraday on Monday) and pulled back 7 points to close at 1137.30.


 

MACD slipped to -1.52. RSI, our short-term momentum indicator, moved down 5.5 points to 47.47.

Support is now 1128.6 and 1130. Overhead resistance is 1142 (50-day moving average) and 1152 (200-day moving average).

Last week, it was a mixed bag among potential influencers of the INK CIN: Copper was down 0.9% (though big picture remains strong), the HUI Gold Bugs Index was flat (though up 2.5% on Friday) while US Markets were up over 1%. The Index remained fairly quiet for the 3rd week in a row and seems to be biding its time and consolidating sideways until it can muster the energy needed to break out. That said, we could see one more pause/sideways week before it moves up. The INK CIN is likely to enjoy a nice boost along with gold, silver, and mining stocks which appear to be setting up for a May rally.

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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