INK Canadian Insider Index continues to follow rising channel
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index continues to undulate higher with occasional bursts and pauses, as it first shot up to make a new intraday high at 1132.73 on August 11th and then dipped to 1120 as the week ended, gaining 4 points since our last update.
RSI dropped by 2 points to 65 and MACD rose by 0.5 points to 11.60. Both momentum measures have been locked in a tight range for a month.
Resistance is at 1140 and 1130 while support is at 1120 and 1100.
The Index is rising in a strong upward channel, as shown by the parallel blue lines on our chart and its continued claiming of higher highs and higher lows keeps us bullish on its prospects.
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