INK Canadian Insider Index rises 1.4% to start 2017

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. In our year end update, the Index had dipped slightly after bumping up against resistance at 1171. However, that weakness was short-lived, for the Index buoyed above its 20-day moving average (1163) on January 2nd, the first trading day of the year. The following session, the Index powerfully bounded up and through its upper Bollinger band, stretching as high as 1184. By the end of last week, the Index had notched a new 2017 intraday high at 1190.47 before finally closing at 1179.27 for a gain of 1.4% or 16 points.

The Index's short-term momentum indicator (RSI) rose nearly 5 points to 64.92, climbing as high as 72. A further bullish development is the 2.5 point or 31% rise of the Index's MACD indicator to 10.66. And that's because bulls want to see MACD move to a new, higher trading range (particularly above 13) for this uptrend to be sustained. Equally importantly, the Index's MACD fast blue line crossed bullishly back above the slow red line, generating a technical buy signal, indicating the momentum is clearly on the bull's side.

The Index's support levels are 1165 (its 20-day simple moving average) and 1170, while 1180 and 1190 provide overhead resistance.

Two or more closes above 1180 would make a compelling case that a full-scale breakout to even higher highs is underway.

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