Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week the Index continued to grind in a very tight range with minimal volatility though it did add 8 points to close the week at 1174.02.
Momentum indicators ticked up. RSI rose to 53.45 for a 7 point rise and has made higher lows in the last week, and, more importantly, has gradually trended higher since the INK CIN's mid-June correction to 1150. MACD rose 1.2 points to close at 0.60. It's worth noting that MACD has also quietly been trending higher since mid-June. And MACD's fast line (blue) has crossed above the slow line (red) giving us a technical buy signal, reflecting the recent improvement in momentum.
Overhead resistance remains at 1175-80. Support rests at 1166 and 1160.
We are seeing some bullish signs emerging for the INK CIN after making what may stand as a double bottom in June and July. But price has stayed in a tight 15 point trading range since mid-July. We continue to wait and watch for increased volatility.
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