Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, it took just two days for the INK Canadian Insider Index to close above 1300. Once that was done, it didn't look back. The Index continued to climb and ultimately ended the week with a new all-time closing high of 1316.20 for a gain of 17.15 points or 1.3%.
Our short term momentum indicator, RSI, surged to 72.98 for a gain of 8.18 points or 12.7%. MACD, our long term momentum indicator, rose 0.72 points to 1.99 for a 57% gain.
Support is now at 1305-1307 and 1300. Resistance moves up to 1320 and 1325.
Just as I predicted earlier this month, the Index has made a bullish break of what once was a very challenging 1300 resistance level, and I am now forecasting that it will continue to build on its recent momentum to reach higher highs over the next month.
