Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index built upon the powerful momentum of the prior week and even managed to notch an all-time high intraday on Friday at 1217.60, before closing at 1214.19 as it added 2.7 points.
Our short-term momentum indicator RSI remains elevated at 72 for the second week in a row. On the other hand, MACD fell from 3.58 to 1.75 and still finds itself relegated to trading in the low single digits.
Support is at 1200, and, below that, at 1195 (20-day moving average). Resistance lies at 1220-1223 at the furthest reaches of its upper Bollinger band.
The fact that the INK Canadian Insider Index has achieved a new all-time high is impressive, particularly since many Canadian resource stocks and especially the mining sector have been stuck in neutral for a fair number of weeks. Near-term, keep in mind that RSI tends to decline (for at least a short time) on the INK CIN after reaching the 70 area, and that will be something to watch over the next week or so.
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