INK Canadian Insider Index: Momentum Indicators Halt 4-Month Downtrend

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The INK Canadian Insider Index continued to grind higher, even as copper and US Markets retreated slightly. The INK CIN registered its second positive week in a row and gained 2.31 points to close at 1247.79.

Our momentum indicators notched significant milestones, as they successfully burst up and through downtrends that had imprisoned them since late May. RSI rose 4.07 points to 47.12. MACD jumped nearly a full point to 2.84 for a 51% gain and is clearly on a MACD buy signal.

Support is at 1230 and 1240. Resistance is at 1250 and 1260.

The INK CIN displayed some strength, grinding ahead while US Indices took a small loss. Technical indicators are hinting at much bigger upside movement with their break of 4 month long downtrends. Copper and other commodity sectors are starting to display strength and/or positive divergence, hinting at higher prices going forward. These indications bode very well for the INK Canadian Insider Index which has a strong correlation to commodities. Looking ahead, 1260 is the number to watch- and to beat, if the INK CIN's price is to snap its own multi-month downtrend.