INK Canadian Insider Index storms to 5-month high, alongside soaring silver

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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 Index pushed up even higher as metals and markets pushed higher yet.

The INK CIN surged 28.99 points higher for a 2.85% gain on the week and closed at 1047.84 for a new 5-month high. The Index has enjoyed an impressive run and is now up 9.45% over the last 5 weeks.

MACD shot up 1.07 to 2.89 points. RSI accelerated 6.14 points to 76.52. Its intraday high of 78.8 marked its highest reading of 2020.

Support is at 1020.34 (200-day moving average) and 1010 (20-day moving average). Below that, support is at 974.67 (50-day moving average). Resistance remains at 1055 and 1050.

As far as performance goes, the INK Canadian Insider Index beat gold (+2.12%), the SPDR S&P 500 ETF (SPY*US) (2.47%), crude oil (2.36%), and copper (-2.63%). The Index trailed only silver (+13.73%).

With its RSI hitting a new 2020 high and given its torrid 5-month run, the Index, along with red-hot gold and silver, appears to need a rest of sorts. However, the stage is clearly set for the many overlooked and undervalued companies in these sectors to play catch up in this new era of higher precious metals prices.

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

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