Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. During last week's holiday-shortened trading which also ended a challenging month of March, the Index gained 0.47 points to close at 1251.10.
Support is at 1226 and 1235-1238. Resistance is at 1267 and 1282.
RSI rose 3.5 points or 9% to 42.5, while MACD fell another 3 points to -5.
The INK CIN is heavily oversold and could soon generate a substantial rally.
What's interesting for the bull case is that April begins a particularly weak seasonal period for the US Dollar. A weak greenback tends to have a bullish effect on both stocks and commodities. Another potential boost for the bulls is we now enter a shiny new financial quarter and investment funds which had a tough first three months will soon be looking to re-deploy into discounted stocks and sectors in order to generate strong performance over the coming weeks and months.
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