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Key Support Zones: 5400, 5300, 5200
France 40 (FR40EUR) Long-term Trend: Bearish
The index is currently falling and it is reaching the low of 4378. The bulls have made three unsuccessful attempts at the 4500 resistance. The market is testing the support of the 21-day SMA. Breaking below the moving average will mean further depreciation of the index. The market will reach a low of 4297 if the selling pressure continues.
Daily Chart Indicators Reading:
Given the recent downward move, the index has fallen at level 46 of the Relative Strength Index period 14. It is in a downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping southward indicating the bear market.
France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. A trend line is also drawn showing the support level of the market. Presently, the bears have broken the trend line terminating the upward move. The price action is showing bullish signals indicating the exhaustion of the selling pressure.
4-hour Chart Indicators Reading
The index is currently below 50% range of the daily stochastic. The index is in a bearish momentum. The indicator presently contradicts the price action which shows bullish signals.The moving averages are still sloping upward indicating the upward move.
General Outlook for Italy France 40 (FR40EUR)
FR40EUR is in a downward move after the resistance at 4500. The selling pressure is likely to have been exhausted as the price action shows some bullish signals. The market is likely to find support above 21-day SMA.
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