INK Canadian Insider Index consolidating ahead of another rally?

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 put in a quiet week of trading, clinging closely to its 50-day moving average. The Index closed down about 1.5 points to finish at 1279.68.

Support is at 1277 and 1264. Resistance is at 1280 and 1290 (upper Bollinger band).

RSI fell 9 points to 54.37. MACD quintupled and added 1.5 points to 2.13. MACD turned up, and, with its fast blue line crossing over its slow red line, it's back on a technical buy signal.

The Index has recently consolidated in a tight range and has arrived at the doorstep of a major move. My bias is that the next move is to the upside given the higher lows the Index has been making and how bullish and ripe for a rally many market sectors look.