What Direction Will This Pattern in Indian Equities Break?

While India hasn’t shown strong relative performance to U.S. equities, my article for TraderPlanet this week takes a look at an interesting pattern that’s setting up in the PowerShares India ETF ($PIN). I take a look a few of the clues given by momentum and volume and where price could be headed.

Here’s a piece:

Looking at the price action for $PIN, we can see resistance since October has been at the $17.75 level which has batted down price three times. While price has been unable to make a higher high, each dip has been shallower than the last as $PIN puts in higher lows. This creates an ascending triangle pattern, which has historically led to a continuation of the preceding trend. We can use momentum and volume to get a better idea of where the bias may be when the pattern breaks.

Read the rest: A Triangle Pattern In Indian Equities (TraderPlanet)

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Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+, Twitter, and StockTwits.