INK Canadian Insider Index celebrates week with fireworks and 2% surge

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Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. In our last update, we noted the bullish implications of the Index's stunning 35 point reversal following its late June plunge, closing just under its 20-day moving average at 1261. Last week, the Index took that momentum and ran, melting up 2% or 23 points, and, having closed at 1084.58, the Index finds itself just shy of its 2016 high of 1094.72.

In fact, so forceful was its eruption last Monday (while US markets were closed for Independence Day) that the Index gapped up 1.5%, cutting through its 20-day moving average like a precision laser. What makes this move even more impressive is the 1060 area had been a brick wall that thwarted the Index on a dozen attempts over the past month.

Overhead resistance is at 1085 (the top of its current Bollinger band) and beyond that, 1092. Minor support is 1060 and major support is at 1027. 

As one would expect, the Index's momentum indicators saw a big boost. RSI rose 8.6 points or 16% as it climbed from 54.91 to a robust 62.57, while MACD soared 9-fold from 0.65 to 6.19. Even after a rise that strong, a reading of 6.19 provides plenty of upside for the Index. Also bullish is that its MACD indicator saw its fast blue line cross over its slower moving red line, to place the Index on a buy signal.

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