INK Canadian Insider Index rallies 4.3% alongside soaring crude

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 added 36.03 points or 4.3% to close at 877.17.

MACD jumped 8.43 points to 1.13. RSI rose 9 points or 20% to 54.43. We note that RSI has not made a new high since the price peaked in late April.

Support is at 831 (lower Bollinger) and 817 (50-day moving average). Resistance is at 900 and 912 (upper Bollinger band).

As far as performance goes, the INK Canadian Insider Index beat copper (2.4%), the SPDR S&P 500 ETF (SPY*US) (3.2%), gold (-1.18%), and silver (3.65%), but trailed rocketing crude oil (12.64%).

Global X Copper Miners ETF (COPX*US), which typically leads the price of copper, rose an impressive 5.61%, though it has a clear gap fill about 5.6% lower. So we will see if the ETF retraces to close that gap and whether both markets and the INK CIN follow suit and retreat.

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