Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. As last week began, the INK Canadian Insider Index held firmly above its second major support level at 1280 and charged higher while completing the second leg of a bullish 'W' shaped pattern. The Index rallied as high as 1310.58 intraday on Friday before closing at 1307.87 for a gain of 14 points or 1%.
Momentum indicators also rebounded strongly. MACD gained 3.69 points to close in the black for the first time in several weeks at 0.42. RSI jumped 9.27 points to 58.39 for a 19% gain. What's more, our long term momentum indicator MACD is on the verge of triggering a technical buy signal.
Support is at 1293 and 1280. Resistance remains at 1305 and 1310.
The fact the INK CIN successfully retested the 1290 support and came roaring back to conquer the 1300 level so quickly is a very bullish indication. The Index has now carved out a very bullish W pattern, one that is likely to result in a substantial rally in the weeks ahead.
