France 40 (FR40 EUR) in Overbought Region, Battles Resistance at 4600

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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

France 40 (FR40EUR) Long-term Trend: Bullish
France 40 is in an ascending channel. The upward move is now in the overbought region. It is currently above level 4500. It is doubtful if the price movement will continue. On the upside, if the bulls break the resistance at level 4600, the market will rally above level 4750. At the moment, France 40 is trading at level 4584.

Daily Chart Indicators Reading:
At the moment, the index has risen to level 55 of the Relative Strength Index period 14. It is in an uptrend trend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward

France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an ascending channel. The present upward move is facing resistance at level 4600. The index is currently fluctuating below the resistance level. At this level, a breakout or breakdown may occur.

4-hour Chart Indicators Reading
France 40 is above 80% range of the daily stochastic. This implies that the index is in the overbought region of the market. Sellers are likely to emerge to push prices downward. It is expected for the market to have a downward move as France 40 is overbought at level 4600.

General Outlook for Italy France 40 (FR40EUR)
FR40EUR is currently in an uptrend but it is being interrupted because the index has reached the overbought region. The market will fall to a certain level before the resumption of the uptrend. The price is ranging below the resistance at level 4600.

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