Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week was another strong one for the INK Canadian Insider Index, as stacked up another 10.6 points to reach yet another all-time high, at 1245.73.
Our short-term momentum indicator, RSI, remains on fire-poker hot and added 3 points to close at 80.88. RSI has now spent three weeks at or above 68; however, as I mentioned last week, in powerful bull moves we can see overbought readings persist for extended periods. Our long-term momentum indicator, MACD, slipped to 1.28. But the Index's MACD slow and fast lines climbed higher. The fast line finished at 14.89 up from 13.38 and the slow line shot up from 10.84 to 13.8- both lines closing strongly above the key 10 point mark for a second week in a row.
Current support sits in the 1237 area and much more strongly at 1217-1220 below. Resistance is at 1248 and 1250 above. The Index continues to exhibit very bullish signs suggesting further gains lie ahead, much like the surging price of copper which is leading many indices, speculations and hard assets higher.
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