Oversold INK Canadian Insider Index pins hope on oil, copper recovery

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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 CIN rolled over and tumbled 22.67 points or 2.1% to close at 1071.01. The Index has now fallen over 44 points in three weeks.


 

MACD dropped 0.7 points to -4.45 points. RSI slipped 3.46 points to 33.12. If there was a positive to point out, it is that RSI went sub 30 and recovered to close above that level. The low 30 region has been an area where the INK CIN has bottomed and found support in recent months, as we noted last week.

Support moves down to 1064.69 (lower Bollinger band) and 1050. Resistance is at 1104 (200-day moving average) and 1088.

The Index lagged silver (up 1.13%), gold (up 1%), copper (up 0.23%), as well as the SPDR S&P 500 ETF (SPY*US) which lost 0.95%. Oil (up 0.57%) also outperformed the INK CIN, though, as we've pointed out, a recovery in oil (and copper too) would bode well for the INK Canadian Insider Index. It will be interesting to see if the INK CIN gets another flush of the lower Bollinger band that triggers a reversal or rebound in the oversold Index.

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

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