INK Canadian Insider Index rises again, closes at 1280.14

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 continued its rebound and added 8.8 points for a 0.7% gain to close at 1280.14.

Support moves up to 1270 and 1275. Resistance is at 1280 and 1289.

Our short-term momentum indicator, RSI, rose 7.9 points to 55.8 and has now more than doubled from its lows this month. RSI typically needs to head into the 60s and 70s to make some hay on the upside. So we'll keep an eye on that.

MACD rose to 5.45 points and its slow and fast lines continued to climb and remain on a buy signal (as mentioned in last week's blog - this could be significant as this was its first since early December).

The INK CIN has now rallied 4.2% in two weeks, erasing a fair chunk of the 5.8% it shed during its tumble. Looking ahead to this week, bulls will hope the INK CIN holds above 1260 which marks a downtrend line it burst up and through last week. Now, should the INK CIN manage to hold its recent gains, there is a gap-fill at 1295 that could provide a target for the next couple of weeks.