France 40 (FR40 EUR) Is in a Sideways Trend below 4500 Resistance

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

France 40 (FR40EUR) Long-term Trend: Bearish
France 40 index upward move is still facing resistance at 4500. Since March 25, the bulls are yet to break above 4500 resistance. Two unsuccessful attempts have been made to break the resistance at 4500. On the upside, a break above 4500 will push the index to the high of 5500. FR40EUR will continue its sideways trend below 4500 resistance if the bulls fail to break the resistance.

Daily Chart Indicators Reading:
The index is currently above 60% range of the daily stochastic. The index is in a bullish momentum and it is approaching the overbought region of the market. The moving averages are still sloping downward indicating the bear market.

France 40 (FR40EUR) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a descending channel. The upward move is hampered because of the resistance at 4500. The index is in a sideways trend below 4500 resistance. The bulls have made three unsuccessful attempts at 4500 without breaking it.

4-hour Chart Indicators Reading
The index is currently at level 57 of the Relative Strength Index period 14. It is in an uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping sideways indicating sideways trend.

General Outlook for Italy France 40 (FR40EUR)
FR40EUR is in a sideways trend below 4500 resistance. The sideways move has been ongoing since March 25. An upward move is possible if the resistance at 4500 is breached. The index falls to the low of 4500, each time the bulls are resisted.

Instrument: France 40 (FR40EUR)
Order: Buy
Entry price: 4395
Stop: 4300
Target: 4595

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