INK Canadian Insider Index at key 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, perhaps feeling the effect of some tax loss selling which I had underestimated, could not break up and through its 20-day moving average at 1270, and ended the week down nearly 7 points.

Support is at 1254 and 1260, while resistance is at 1270 and 1280.

Our long-term momentum indicator MACD rose 1.2 points to -1.8 while RSI fell 4.3 points to 48.5.

The rise of one momentum indicator and fall of another shows the INK CIN is fighting some short-term price weakness which began in late November, while at the same time trying to put in a meaningful bottom from which it can break free and head to 1300 and beyond.

On the plus side, tax loss selling is nearly over, the price of copper is rising and mining stocks are starting to show some relative strength. On the negative side, MACD is locked in a downtrend that began back in October and looks like it may need a couple of weeks to situate itself in a more bullish set up. Near-term, the Index needs to break above 1269 (see red resistance line) in order to avoid a trip back to 1240.

Our weekly technical updates will resume in the New Year.

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