INK Canadian Insider Index stabilizes, regains 22 points at 1174.92

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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 gapped up as the market opened and put a sudden stop to its downswing, regaining the 22 points it lost the week prior, and closed at 1174.92.

RSI revved up strongly, rising 43% and adding 16 points to close at 53.99; MACD climbed 3.9 points to finish back in black, at 1.23.

Resistance is at 1175 (just above its 50-day moving average) and the 1180-1185 area. Support is in the 1166-1168 (where its 20 and 200-day averages rest) zone and below that, 1145. 

The Index remains locked in a 4-and-a-half-month consolidation that has at times looked shaky- but on the bullish side, the INK CIN's major 1140 area supports have responded strongly twice in the last month when the Index faced strong selling pressure. As far as the challenge going forward, MACD and RSI both have downtrending resistance lines they need to overcome. And yet, of late, the Index's MACD and RSI momentum indicators have constructively put in higher lows.

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