INK Canadian Insider Index's stair-step pattern favours the bulls

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Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index had a quiet summer week, advancing 0.30% and closing at 1123.36.

RSI dropped by 2 points to 63, and MACD fell by nearly 2 points to 9.78. 

Resistance is at 1140 and 1130 while support is at 1115 and 1100.

Despite the Index's modest advance of 0.5% over the last 3 weeks, investors should note that, as we've illustrated, the Index appears to be following its recent bullish pattern of rallying, pulling back patiently and then going on to make new highs. And should this stair-step pattern be about to repeat for the 5th time since July, we may be hot on the heels of the next rally.
 

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