Technical Overview by Nicholas Winton, Hedgehog Trader and @HedgehogTrader on Twitter
Thank you for joining us for our weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. In our last update, we suggested the Index was buying itself time to build momentum when it pulled back to its 960 base and expanded its box consolidation pattern.
Indeed, what seemed a scary step backward ultimately generated forward movement for the Index, when it powerfully spring-boarded from its 960 support straight up to the roof of its box pattern. And on Friday, the CIN Index quietly closed a hair above 1020. This is a bullish development because although the index has reached the 1020 level a few times in the past 7 weeks, it failed to close above this line in the sand each time.
In an equally bullish turn of events, the Index's Relative Strength Indicator (RSI) was finally able to accelerate and surpass the 50 level (now 58), indicating momentum has now risen to its highest levels in nearly two months.
Current support levels of the INK Canadian Insider (CIN) Index are 1000 and 1020. Looking ahead, the next overhead target and major resistance is around 1060 (or 4% higher), which marks its 200 day moving average.
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