Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index made an initial 14 point stab, up to the 1209.7 level, placing it just 8 points off its 2017 intraday highs. However, the INK CIN could not hold its gains, and by week's end, it shed 3.8 points to close at 1191.70.
The Index's momentum indicators took a breather, as RSI dipped 7.4 points to 54.48 and MACD slipped from 4.56 to 1.25. As we've noted in the past, RSI needs to move back into the 60s for the Index to continue its recent upward trend.
As we mentioned last week, the 1200 resistance level remains a tough nut to crack. Above that, the 1210 level provides further challenge. 1190 provides initial support. Below that, the 1180 area provides strong support as both its 50- and 20-day moving averages converge just above at 1182-83.
I project we are likely to see stocks and miners rally over the next month at least into mid-May, so it will be interesting to see how strongly the Index performs if my forecast proves correct.