INK Canadian Insider Index rallies 1.8% to resistance

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. My speculation in our previous update was that the Index was likely retreating in order to generate some pessimism that would allow it to advance. Last week, the Index did seem to find new life and jumped 20 points or 1.8% and closed at 1135.41 for one of its biggest weekly rallies in a number of weeks.

As impressive as the move was, we should note that the Index closed once again in the sticky 1130-1135 area that has capped its advance on its last 3 rallies.

Our short-term momentum indicator RSI rose by 12 points to 64.53 though our long-term momentum indicator MACD remains pretty subdued and actually dropped one point to 4.97. 

Resistance is at 1135 and 1140 while support remains at 1100 and 1070.

The Index may yet continue to consolidate given the aforementioned resistance. However, the Index is displaying considerable strength and resilience by holding well above the 1100 level, which has now become its 50-day moving average.

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