INK Canadian Insider Index soars 2.5%, breaks out to all-time highs

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index began bulling its way into its challenging 1150 resistance area, before finally bursting through this wall with tremendous muscle and force. The Index closed the week with an impressive 2.5% gain and notched a brand new all-time closing high at 1172.71.

As you would expect, the Index's short-term momentum indicator flew upwards once again, and added 11 points, or 17%, to 73.18. RSI is now moving at full tilt and is trading at the upper end of its trading range over the past year. However, if we see the Index continue higher, RSI could yet move toward and even above the 80 mark, which would be a clearer indication of overbought conditions.

The Index's MACD indicator added nearly 6 points and rose 89% to 12.84 and finds itself near the upper end of its trading range for 2016. A clear break above 15 would be a significant bullish development suggesting an extended period of gains lies ahead.

The Index's support levels are 1160 and 1140. 1180 provides its chief resistance level.

What's interesting is that the Index has already gained nearly 9% over the last month, just as we are approaching mid-December which is usually a bullish seasonal time of year for the Index. Whether we now see the Index take a breather or whether it simply takes off once again - the outlook for the Index looks very good over the next few months.

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