India 50 index broke triangle pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The India 50 index broke out of the triangle pattern, in which it traded since late October up to the second part of November. The break out occurred to the downside.

During the decline, the index paused at the November and October low levels before eventually reaching the lower trend line of the large scale channel up pattern, which had guided the index up since the 2020 March coronavirus drop. However, the pattern did not manage to hold, as, on the fifth day of holding out, it failed. The rate declined to the 16,840.00 level before a recovery started.

If the India 50 index continues to recover, it could encounter resistance in the October and November low levels near 17,600.00 and 17,800.00. Meanwhile, note the 50-day simple moving average, which could strengthen the low levels. In addition, take into account the November high level zone at 18,200.00 and the all-time high at 18,600.00.

On the other hand, a potential decline of the index might look for support first in the recent low level at 16,840.00, before aiming at the August support zone at 16,200.00. Note that the 200-hour simple moving average is located in the zone. Further below, the summer low level of 15,500.00 might act as support.

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