INK Canadian Insider Index bulls past 1294, sharpens teeth on 1300

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index finally smashed its way through major resistance at 1292-94, as I forecast would happen in last week's technical review. Indeed, the Index surged as high as 1308.11, setting a new all-time high on Friday, before closing at 1299.05 for a gain of 7.4 points.

RSI added 2.8 points to close at a robust level of 64.8 (reaching a high of 68.28), exceeding for a second week in a row the 60 resistance level which has acted as a headwind on the Index for much of the last 4 months (in fact, the 60 RSI mark has terminated no fewer than 4 rallies since late January). MACD added 0.4 points to reach 1.27 and the Index remains on a MACD buy signal.

Support is now at 1285 (20-day moving average) and 1290-94 (previous resistance). Resistance moves up to 1300 and 1308-1310.

Last week, the Index spent parts of three days above 1300 and closed above it once. The longer the INK CIN can spend closed above the 1300 mark, the sooner the Index should make a clean break of this level and rumble toward brand new all-time highs.