INK Canadian Insider Index retests 1150 and rallies 1.7%

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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 Index managed to successfully retest its 1150 support and bounded up and through its 20-day moving average at 1166 on its way to close at 1183.38 for a 1.7% or 19.5 point gain.

Our new resistance is at 1183 (the Index's 50-day moving average) and, above that, at 1200. Support moves up to 1166 and, below that, we have strong support at 1150 which has been key on a number of occasions since December.

The Index's momentum indicators finally ignited in unison. The Index's short-term momentum indicator (RSI) rose for the third week in a row, gaining 20% or 9.3 points to close above the key half-century mark and a robust reading of 55.74. MACD climbed significantly, adding 6.5 points to finish the week at -0.54.

As we noted in our last update, the Index's MACD was within a stone's throw of a buy signal and its strength last week clearly triggered a brand new one. Technicals have grown increasingly more bullish of late, culminating in the rally last week. What's next? We'll soon see if the Index can break through its 1183 resistance or whether it needs to base a bit longer on or above its 20-day moving average.

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