INK Canadian Insider Index falls, but hopes to hitch a ride to copper, world markets

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 Index couldn't muster more than about 5 points to the upside before falling, rolling over, and continuing its correction. The Index fell 26.9 points to close the week at 1106.85 for a 2.4% decline, amounting to a stinging two-week loss of 4%.

MACD tumbled 7.7 points to -2.6, snapping a 4-week streak of gains. RSI fell for the second week straight, dropping 19% or 7.1 points to 30.1.

Support is now at 1100 and 1079 which was, interestingly, the Winter low hit nearly two years ago today on Nov 14th, 2016. Resistance is now at 1120 and 1140.

The Index is now back to its end of October lows. Despite its recent drubbing (in part related to some unfortunate constituent stocks), the underperforming INK CIN hopes to springboard from these lows and play catch up alongside the strongly rebounding US and world markets, not to mention the price of copper which rose a robust 4.25% last week. Given these factors as well as the sharp degree of the current decline (see solid green line), a bounce would be well within expectations over the next week or so.