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 was fairly flat, though it did briefly make a new three-week intraday-high early on Friday at 1096.40. For the week, it closed 2 points higher at 1091.11.
MACD dropped to 6, while RSI dropped a point to 68.5. One interesting note is that the Index's slow (red) and fast (blue) MACD lines have moved decisively into positive territory for the first time since June. Was it just a short-term fluctuation, or is something more significant happening? We'll have to wait and see.
Support is at 1045 (20-day moving average) and 1058 (50-day moving average). Resistance is at 1090-92 and 1110.
As was the case last week, the Index's momentum indicators remain in the upper end of its usual trading range. On the plus side of the ledger, the price of copper (which rose 2.1% last week) is beginning to build up a head of steam, and speculative sectors like cannabis show signs of closing in on another up-leg (see Canadian cannabis ETF HMMJ.TO). So, I remain optimistic we will see the Index and a few other sectors move higher yet.
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