INK Canadian Insider Index adds 1%, hits 1195.45

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index boosted itself higher, as it first cleared its 50-day moving average at 1182.89 and then bounded 12 points or 1% higher, to end at 1195.45.

The Index's momentum indicators built upon their gains of the week prior. Our short-term indicator RSI jumped 8.9% to 61.84 for its fourth weekly gain in a row. And what's worth noting for the bulls, is that over the past year the Index has performed optimally when RSI has ranged between 60 and 69. MACD also made great strides, throttling from -0.54 to 4.56.

Our new resistance is its old nemesis 1200, which has allowed just two short-lived rallies above it, and, above that, 1212. Support is at 1181 and 1171.

Bears should take note that The Index which has now added 2.7% in two weeks following its correction into late March, now finds itself not far off its 2017 highs.

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