Surging INK Canadian Insider Index cools following fresh highs

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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 continued its electrifying multi-month run, when it snared a brand new 2016 high at 1094.72 on Wednesday, and then pulled back swiftly, finishing the week at 1066.98, registering a drop of just over 5 points.

The Index's momentum indicators were red hot. RSI ratcheted up to a peak of 79.06, notching a new 2016 high. Above the 70 mark is an overbought reading and one that halts many a rally, and so it was not surprising to see the Index correct decisively afterwards. RSI ended the week a hair under 60. MACD surged, as it rose from 10.65 to end the week at 13.36, for an increase of 25%.

Major support is in the area of 1055-58 and strong secondary support is at 1026. Major resistance is at 1082, while minor resistance is at 1072.

While the Index closed 30 points below its new highs, it remains above its 50-day moving average (the purple line), a key measure, which has guided it higher since mid-February. 

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