INK Canadian Insider Index holds up with copper as oil plunges 32%

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$432/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Return to homepage
Mon, 04/27/2020 - 12:25 am Nicholas Winton, High on the Hog

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 took a breather and pulled back 6.67 points or 0.8% to close at 844.66.

MACD pulled back 11.72 points to 9.7. RSI retreated slightly, by 1.26 points, to 50.86. in the last two weeks, it has remained in a very tight range.

Support moves up to 810 (20-day moving average) and 800. Resistance is at 850 and 870-872.

As far as performance goes, the INK Canadian Insider Index trailed gold (2.17%), silver (-0.21%), and copper (-0.32%) but beat crude plunging crude oil (-32.32%) and the SPDR S&P 500 ETF (SPY*US) (-1.28%).

Oil suffered a steep plunge; though it did rebound over $10 from its $6/barrel lows. And here I highlight that copper held very strongly again despite the chaotic market activity, this time in oil. It will be interesting to see if oil will start to recover over the next couple of weeks as my proprietary Alpha signals suggest. Indeed, an oil recovery would be a nice tailwind for markets and reflation.

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

short url link | Nike Shoes

Tags:

Category:

Join the discussion in INK Chat!