Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index maintained its recent trend of grinding sideways, though after a dip to its 20-day moving average at 1277, it bounced as high as 1293.52 intraday and finished the week up 8 points at 1291.64.
RSI rose 2.2 points to 62, nominally breaking the 60-point barrier that has curtailed the Index's advance since early 2017. MACD shed 0.5 points to 0.93 but still remains on a MACD buy signal.
Support is now at 1274 and 1277 (20-day moving average). Resistance is at 1294 (upper Bollinger band) and 1300.
The Index has trended higher since bottoming in early April and is showing indications it is storing energy for a tremendous push still ahead of us. The INK CIN has now made 5 attempts to break the strong wall of resistance of 1291-1294 since late February, with three of those assaults coming last week. We mention this because the more often a stock or Index strikes against resistance, the more likely it will finally break on through. What's more, I'm actually looking for this to happen within the next two weeks.
