India will also benefit from lower oil prices. The BSE Sensex broke resistance at 29000, signaling a primary advance to 31000*. Rising 13-week Twiggs Money Flow troughs above zero signal strong, long-term buying pressure. Retracement to test the new support level at 29000 is a possibility, but breach of support is unlikely.
* Target calculation: 29000 + ( 29000 – 27000 ) = 31000