INK Canadian Insider Index coiling for run at 1140?

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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 made a brief run toward the 1140 area last week but fell short at 1136 and then fell back to its 20-day moving average at 1120. For the week, the Index finished down 7.4 points to close at 1122.04.

Our short-term momentum indicator RSI slipped nearly 6 points but remains above the important 50-point mark.

The Index's MACD indicator managed to increase from 0.5 to 1.38 but is still stuck in a multi-month downtrend. As we have noted on several occasions, the Index's MACD indicator has spent most of the last 6 months at a reading of 15 or less. These low readings more or less explain the Index being range-bound over this period. However, as far as the near term is concerned, its blue fast line remains above its slow blue line, and the bullish technical buy signal triggered on Oct 18th remains in effect.

The Index's support levels are at 1120 and 1100, while 1140 and 1150 remain resistance.

The Index does look like its basing at its 20-day moving average at 1120, and could make another run at 1140.

The upcoming US presidential elections are likely to fuel some big moves in the markets, so it will be interesting to see how things play out for the INK CIN.

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