Canadian Insider Index continues climb with impressive 1.8% gain

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 continued its hard won rebound from the February sell-off. As trading began, it soon found support at the 20-day moving average (1264 area) where it consolidated a few days before lifting up and through its 50-day moving average (1278) to close at 1281.15. In all, the Index gained an impressive 22 points or 1.8%.

Support is now at 1252 and 1264. Resistance is at 1290 and 1294.

RSI rose 20 points to 63 for a 47% gain. MACD moved out of negative territory, adding half a point to 0.47. MACD is back to neutral and sits on the cusp once again of crossing over and giving us a new technical buy signal.

The Index has done more than hold its ground as mentioned last week, and its recent gains put the INK CIN in excellent position to go positive and make some hay in 2018. Indeed, the Index is looking more and more bullish, as it is now down just 5.5 points in 2018 and has registered its third weekly gain in four weeks.