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 its nearly two-month-long uptrend and on Wednesday, the INK CIN leapt to a brand new all-time high at 1261.23 before settling at 1253.33 at week's end for a gain of 5 points.
RSI worked off its overbought condition for the second week in a row, shedding another 5 points to close at 70.14. Our long-term momentum indicator, MACD, climbed modestly to -0.94, but what's positive is that its fast and slow lines remain above the key 10-level.
Support now sits at 1250 and 1240. Resistance is at 1260. Momentum indicators have been pulling back and this may prove to be a reset ahead of another strong move to the upside.
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