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Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index had another seemingly quiet week as it managed to add 9 points as it closed at 1183.90.
I say seemingly, because while the point change was nominal, we witnessed significant improvement in the Index's momentum indicators. For one thing, RSI rose for the second week in a row, adding 7.7 points to close above the key 50-mark. RSI has even broken above the downtrend line that's been in place since April, a bullish technical event.
The Index's MACD indicator increased by 2 points to 0.95 and is in positive territory for the first time in a couple of weeks. What's more, the Index's MACD fast blue line crossed back above the slow red line, triggering a new buy signal. And, perhaps following RSI's lead, MACD is now threatening to break through its own multi-week downtrend line.
Resistance remains at 1184, 1190, and 1200. Support sits at 1167 (lower Bollinger band) and 1159 (200-day moving average).
The Index's increasingly bullish-looking chart and technicals has me more bullish on The INK CIN's prospects.
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