Following "Breakout," INK Canadian Insider Index tumbles 1.5%

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following two offers if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+1 year archive
Canadian Market INK weekly newsletter
+1 year archive
3 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
No requirement to accept commercial emails from us
30-day money back guarantee*
JOIN THE CLUB
Canadian Insider Ad-Free
$49/ year*
All benefits of basic registration
No 3rd party display ads
No requirement to accept commercial emails from us
30-day money back guarantee*
GO AD-FREE

* Price is subject to applicable taxes. Money back guarantee: For bona fide Ad-Free or Canadian Insider Club subscribers, if you cancel with-in 30 days of first subscribing, we will refund your payment upon request. After cancelling, using the same email that is associated with your account, request a refund via our Contact Us form at the bottom of the page. We will only consider one refund request per household or organization. We cannot accommodate refund requests where an account holder has not provided verifiable address and billing information.

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Talk about whiplash. The INK CIN followed its powerful-looking breakout and 14-point gain two weeks ago, with a strong correction last week. The Index shed 19 points or 1.5% and was tossed back under its long-term downtrend line and closed below 1180, its major resistance and nemesis for the last several months.

RSI nosedived nearly 22 points or 33% to 43.06. MACD shed 3 points to close at -1.25 for its first negative close after two weeks in the black.

The Index closed below its 50-day moving average at 1173, and so we're looking at 1170 and 1165.84 (its 200-day moving average for support). 1180 and 1174 are its key areas of resistance as we look ahead.

The Index which found itself in a terrific position for a Fall breakout two weeks ago, now needs to rebound strongly to ensure the funk of the past few months does not set in once again. The key for the bulls is to see the INK CIN regain its footing above 1173 for that level falls right upon the downtrend line (shown in red) which has capped its ability to advance since late-February (aside from this last big run).

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).