INK Canadian Insider Index settles for 4.6 point gain after retreat from 1150.89

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. After rallying more than 20 points or 1.9% and reaching as high as 1150.89 intraday on Thursday, The Index gave back a good portion of those gains as the week ended. The INK Canadian Insider Index held onto 4.6 points and a close of 1133.53.

MACD rose 2.7 points to -1.7. RSI rebounded a modest 2.8 points to 47.7.

Support is at 1120 and 1100. Resistance is at 1150 and at 1144 (20-day moving average).

The INK CIN did rally from its overbought position as I suggested last week, rising nearly 2% at one point but swiftly shed most of those gains as the week ended. The INK CIN's Friday weakness (-1.3%) bested but did generally follow weakness in US markets and copper which both declined around 2% on the day. By contrast, the HUI Gold Bugs Index fared far better on Friday (+0.65%) and on the week (+2.22%) overall. Overhead resistance at 1150-60 has been a challenge for the INK CIN. We will see if the Index retreats further, perhaps following the broad markets, before it can regroup and take another shot at that wall of resistance.

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.