INK Canadian Insider Index waves second 'bull flag'
The INK Canadian Insider (CIN) Index added a miniscule three points last week to close at 1100. However, the chart tells a much more bullish story.
I have illustrated in blue two similar bullish 'flag' consolidation and breakout patterns, one on top of the other. The first flag saw the Index break out after only about 4 sideways trading sessions. This most recent flag has seen consolidation of 8 trading days. It's worth noting that most often, these bullish flags follow the prevailing trend, and especially when momentum remains strong. What adds extra bullish flavour for the week ahead is Friday's close was near the top of the flag, just 8 points from 2016 highs.
Speaking of momentum, our short-term indicator RSI remains strong, and was largely unchanged from last week, dipping just 2.5 points to 61.70. MACD dipped slightly to 11.34 from 12.59.
Resistance is at 1100 and 1110 while support lies at 1078 and 1071. Will the waving of a second flag spur on the charge of the bull? Stay tuned.
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