Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index took a pause from its multi-week rally and closed down 0.17 points to close at 1264.03.
RSI fell 5.5 points to close at 65.75. MACD was unable to get over the hump to close in the back and dipped to -1.66. Slow and fast lines are holding but only just, right above the key 10 level.
Main support remains at 1250 and 1260, while resistance rests at 1260 and 1270. Over the course of the last week, price has remained the same but momentum has weakened so we're likely near another important decision point. If 1260 can continue to hold, then we could see the INK CIN begin to build up momentum and move to take out recent highs. If not, a quick trip down to 1250 could be in order.
However, should that happen, a move to 1250 (the rising midpoint shown as a red line between the top and bottom Bollinger bands) would likely spring the Index higher, for the INK CIN has traded above this mid-point line since the first week of September. My outlook remains bullish.
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