INK Canadian Insider Index encounters strong resistance at 1302-1304

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 couldn't muster much of an advance, adding just 1.2 points to close at 1302.14.

In each of the last two weeks, the Index has encountered stiff resistance in the 1302-1304 area.

Current support levels are 1291 and 1286.

Our long-term momentum indicator MACD fell 0.6 to -0.38. The fast and slow lines remain above 5, for now. RSI dropped 5.2 points to close at 61.7.

It will be interesting to see if the INK CIN needs to either consolidate or correct a bit more before taking another run at resistance or if it can break through this week.