India 50 index reveals triangle

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


The India 50 index has revealed to have been trading in an ascending triangle pattern throughout November. On November 17, the index was testing the support line of the pattern.

If the index declines below the trend line, it could look for support in the previous low level zones near 17,800.00 and 17,700.00, before reaching below the 17,500.00 mark.

On the other hand, a potential surge would encounter minor resistance in the form of the 50 and 200-four hour period simple moving averages above the 18,000.00 level. Above the 18,000.00 level, the November high levels above 18,200.00 might act as resistance.
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