Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index moved higher once again, briefly tagging a high of 1287.71 before closing at 1277.86 for a gain of 10.15 points.
Support moves up to 1266 (50-day moving average) and 1269.
Resistance is at 1276-78 and 1288 (upper Bollinger band).
Momentum continues to hold its bullish ground, as RSI rose 4 points to 57, while MACD ticked down just slightly by 0.21 points to 3.63. MACD remains on the buy signal it generated when the fast (blue) line crossed over the slow (red) line in early April. Incidentally, the INK CIN hasn't seen its RSI crack 60 on its last three attempts since late February, but should a breakout occur above this level, it would strongly suggest the Index is entering a more bullish, aggressive mode. And that is something I am expecting to see within the next few weeks.
