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 continued to trade in a tight range, though it did briefly gap up on Wednesday at a new all-time intraday high of 1307.48 before pulling back to finish the week at 1301.75 for a loss of just half a point.
New support levels are 1296 and 1292. Resistance is at 1308 and 1304.
Our long-term momentum indicator MACD fell 0.14 to -0.54. Fast and slow MACD lines remain above 5. RSI has held up fairly well though it dropped 2 points to end the week at 58.89.
Recently, the Index has not been able to break free from the low 1300s. On the plus side, the INK CIN has shown strength by maintaining a position near the upper end of its Bollinger bands over the last 3 weeks while its RSI has remained above 56 for the same period. These technical indications suggest the Index remains in bullish consolidation and is awaiting the opportunity to break out. Sustained strength in the price of copper and price strength in the Venture since the start of the New Year add further weight to this outlook.
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