France 40 (FR40 EUR) Breaks Level 4500 Resistance, Attempts to Sustain Uptrend


Key Resistance Zones: 5900, 6000, 6100
Key Support Zones: 5400, 5300, 5200

France 40 (FR40EUR) Long-term Trend: Bullish
The current resistance at level 4500 is about to be broken. Since on March 25, the bulls made several attempts to break the resistance but to no avail. France 40 is likely to rise to level 4800 if the bulls sustain the current momentum. The index may fall if the bulls fail to sustain above 4500 support.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
Given the recent upward move, the index has risen to level 53 of the Relative Strength Index period 14. It is in an uptrend zone and above the centerline 50. The 21-day SMA provides support for the index.

France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. The current uptrend was earlier terminated at the 4500 resistance. It appears the bulls are attempting to break 4500 resistance. On the upside, if price bounces at the current price level, the market will be out of the resistance zone.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently above 80% range of the daily stochastic. This implies that the market has reached the overbought region. However, the stochastic bands a making a U-turn upward indicating that price is in a strong bullish momentum.

General Outlook for Italy France 40 (FR40EUR)
FR40EUR is in a strong bullish momentum. The price is rising while in the overbought region. The overbought region is not likely to hold if the trend continues.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.