INK Canadian Insider Index consolidates near 20-day moving average

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Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index dipped 6 points to close at 1189 (just below its 20-day moving average of 1191).

Our momentum indicators weakened and face headwinds in the form of downward trending resistance (mostly lower highs since the New Year). Our short-term indicator, RSI, dropped 11 points to 50.9, snapping a four-week string of gains. MACD dipped 0.2 to 4.34.

Overhead resistance is at 1200 and 1212. Support sits at 1183 (50-day moving average) and 1174 (its lower Bollinger band).

While the chart looks fairly quiet at first glance, it is bullish to see the Index's 20-day moving average aggressively punch up and through the 50-day moving average. If price can rise and hold above the 1190 level, this more bullish alignment of the Index's moving averages may begin to give the Index a strong boost higher.

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