INK Canadian Insider Index quiet, but indicators point higher

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. In a holiday-shortened trading week, the INK Canadian Insider Index had another quiet week. While the Index briefly probed overhead resistance at 1250-1251, it settled the week down a slight 5.28 points to finish at 1144.11, just above support.

MACD looks range-bound for the time being. Last week, it dipped 2.6 points to -0.75, while RSI, our short-term momentum indicator, pulled back 4.9 points to 53.08.

Support is now at 1141.5 (50-day moving average) and 1121 (its lower Bollinger band). Overhead resistance is at 1150 and at 1156.5 (200-day moving average).

Copper and the US Market remain in strong uptrends and experienced a pause last week. I am looking for the INK CIN and risk-on sectors get untracked and make a strong move to the upside over the next 2-3 weeks. Indeed, supporting this is that the Index's price, as well as momentum indicators (MACD histogram and RSI) have been trending upwards, and have, recently anyway, been making higher lows (as noted by blue lines).

The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII), a 2017 and 2018 Fundata Fundgrade A+ (R) award winner.