INK Canadian Insider Index continues to hammer away at 1180 resistance

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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 INK CIN bounced off the lower boundary of its recently tightened trading range and closed 9.44 points higher, finishing at 1174.94.

As we would expect, the momentum indicators reversed higher. RSI regained the 8 points it lost over the previous weeks and closed at 53.43.

MACD increased by 0.7 points and closed at 0.39, ending a two-week streak of being in the red.

Resistance remains at 1180, while support is at 1165 (lower Bollinger band) and 1160. What's interesting is that 1180 has now stopped 7 recent attempts to break out. However, the fact that these failed attempts to break through resistance have not resulted in a breakdown of the INK CIN may be considered bullish. For at present, the Index seems to be 'hanging around' the resistance level. One might see the INK CIN as a prize fighter hammering away at its opponent, wearing it down, before landing a decisive blow that ends the contest. While many traders are away until September and this contributes to the lack of volatility in the markets, we are seeing green shoots, such as strong uptrends and exciting news in select Canadian resource stocks and that keeps me bullish in my outlook for the near-term.

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