INK Canadian Insider Index TKO's 1180 resistance, storms higher

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Updated - replaces earlier chart which was inserted by error

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. In our last review, we noted the INK CIN was relentlessly hammering the major resistance band of 1180 which had imprisoned it for months- and had kept up its onslaught even as its attempts failed. Last week, the INK CIN landed a powerful knockout blow as it broke up and through 1180 and sailed straight up to finish at 1,189.370 for a 14-point gain.

RSI rose 21% or 11.4 points to close at 64.85, putting the Index firmly in bull mode.

MACD nearly quintupled from its low level and climbed 1.36 points to close at 1.75, closing in the green two weeks in a row.

1172 (50-day moving average) and 1180 are the Index's new support levels. 1190 and 1200 still provide important overhead resistance that the Index needs to overcome near-term.

Recent analysis of the Index's behaviour and observations on bullish movement in Canadian resource stocks helped predict a breakout in the INK CIN. They also keep me bullish on the Index's prospects in the coming months. One important tailwind for the INK CIN is copper, a metal our signals became bullish on last Fall. The base metal has gone vertical literally since the day Donald Trump was elected President and has confirmed my long-held forecast of a powerful stock and commodities melt-up in the months ahead.

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