INK Canadian Index retreats 1% from multi-month highs

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index slipped 10.78 points, or 1%, to 1096.90.

MACD fell 7.59 points to 0.73 and remains on a buy signal. RSI dropped 5.71 points from 64.95 to 59.21.

Support is now at 1080 (long-lived resistance has recently become support) and 1075. Resistance is at 1100 and 1107.

As far as performance goes, the INK Canadian Insider Index lagged crude oil (+1.28%), the SPDR S&P 500 ETF (SPY*US) (+0.13%), and copper (-0.49%), but beat silver (-2.8%) as well as slightly edging out gold (-1.03%).

Looking ahead, 1080 provides a key support as the Index recently broke above this area which served as a long-time resistance level.

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