INK Canadian Insider Index: Big test at 1190

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Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index continued its roller coaster ride last week, adding 19 points (all the points it lost the prior week) or 1.6% to close at 1189.82.

The Index's momentum indicators regrouped. RSI boomeranged 16.43 points higher, moving from 43 to 59 for a 38% increase. MACD rose 1.8 points to close at 0.5.

The Index regained its 200-day moving average when it passed 1178. Currently, 1190 and 1200 are key areas of resistance. Support is in the 1178-1180 area and at 1170.

The INK CIN had a terrific week but it will need to prove it's not simply continuing in a 20-point trading range, and that means the Index needs to make and hold a break above 1190.

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