INK Canadian Insider Index erupts to new 2016 highs!

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index completed a 3-week consolidation and capped off the week with a powerful surge into fresh new 2016 highs at 1072.30.

The slight dip the CIN Index's momentum indicators had shown over the last couple of weeks was clearly the pause that refreshes, for its RSI suddenly flashed up 9 points or 14% to close at 74.12. And even the Index's longer term momentum indicator MACD registered this powerful move, as it soared over 8%, climbing from 9.83 to 10.65.

We should point out that the Index looks very bullish long-term (6-12 months). In fact, while RSI is nearing overbought territory (80), MACD remains incredibly low even after the 200 points (or 23%) the Index has risen from its January lows. Indeed, its MACD reading of around 10 points provides plenty of upside for the Index over the rest of the year.

Minor support sits at 1053, while major support is at 1028. Minor resistance is at 1068, and major resistance is at 1080.
 

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