INK Canadian Insider Index turned back by resistance

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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 INK CIN Index snapped a multi-week losing streak, albeit with a small weekly gain. The Index rose 2.27 points as it closed at 1664.20. The Index now finds itself about 53 points or 4.3% off its February highs.

Among positives to report is that the Index bounced off its 1150 support level. From there it bounced 2.5%, however it then ran into its 20-day moving average at 1179 and dropped as the week ended.

Resistance is currently at 1179 and 1185. Support is at 1150 and 1142 (its lower Bollinger band).

Momentum indicators showed some signs of improvement. The Index's short-term momentum indicator (RSI) rose 3.4 points. MACD rose 1.4 points to -6.5.

One thing to watch is whether MACD turns up for a buy signal (it's a hair from doing so) and rallies, or whether the Index continues back down to retest its support at 1150.

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