INK Canadian Insider Index surges 6.6% from December lows into 2019
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. This is our first update since Dec 17th when the INK CIN was locked in a vicious sell-off (along with many stocks and indices) and closed at 1017.93. Back then, we surmised that we were in the "throes of a capitulation-type move" but also that Canadian stocks have historically been very bullish from about December 22nd. The Index then went on to bottom on Dec 24th at 986.80 as tax selling reached a crescendo. Since then, the Index has rallied 64.8 points or 6.6% to close last week at 1051.64 alongside climbing gold, silver, and world markets.
MACD has soared over the past few weeks to levels not seen in many months. Last week, it closed at 12.25.
From its December lows at 21, RSI has since surged and closed at 56.73 last week, reaching a level it hasn't seen since early July.
Support is at 1030 and 1040. Resistance is 1060 and 1070.
The 'January Effect' is generating some tremendous rallies in oversold sectors and the INK CIN Index is clearly a beneficiary. As for what's next, I am forecasting a strong two-month uptrend for world markets and commodities (especially silver) that is likely to catch many skeptics by surprise.
Category:
Please make the indicated changes including the new text: US quotes snapshot data provided by IEX. Additional price data and company information powered by Twelve Data.
