INK Canadian Insider Index rallies 3.9% in two weeks

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index rode its newfound momentum and sailed 22.4 points or 2% higher to close at 1143.46 last week.

MACD rose 2.09 to 5.64 and remains range-bound. RSI rose 13% or 8.72 points to hit 73.77.

Support moves up to 1117 (200-day moving average) and 1125. Resistance rises to 1144.31 (upper Bollinger band) and 1148.

The INK Canadian Insider Index outpaced crude oil (1.85%), copper (+1.09%), the SPDR S&P 500 ETF (SPY*US) which edged up 0.91%, as well as silver (-6.81%) and gold (-3.21%).

Near-term, the Index may have slightly more upside. However, strong overhead resistance coupled with an elevated RSI (near the level of its last top) suggests that the INK CIN may need to take a breather and consolidate recent gains before attempting to move higher.

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