Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK CIN tried but couldn't break out above the 1287 level and took a breather. The Index pulled back to its 20-day moving average, around 1268 and then bounced higher into week's end, closing at 1276.60 for a 9.3 point decline.
Momentum weakened. RSI fell 13 points to 59.33. MACD dipped back into the red at -1.04 and whipsawed, as it often does, back onto a sell signal.
Support is at 1268 and 1278, while resistance is at 1287 and 1290. The Index appears to be taking a breather ahead of an upcoming attempt to make a new all-time high. Now even though RSI declined, it has made a higher low than it made in mid-November, and that may well be hinting at strength hidden beneath the surface. In addition, for a strong and lasting bull move that takes the Index to 1300 and above, I think we'll need to see MACD cross upward and close above 10. What's more, my Alpha Signals suggest we are going to see gold, silver and miners turn up shortly, and I think that will have a beneficial effect on the INK CIN. The next few weeks should prove interesting.
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