France 40 (FR40 EUR) Is Oversold at Level 4300, Buyers Likely to Emerge

France 40 (FR40 EUR) Is Oversold at Level 4300, Buyers Likely to Emerge

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. In the last 48 hours, the index has been falling from the high of 4600 resistance zone. The price is testing the previous support level which may eventually. The market will resume if the current support holds. France 40 will drop to level 4200 if the current support cracks.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
At the moment, the index has fallen to level 46 of the Relative Strength Index period 14. It is in a downtrend trend zone and below 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 ascending channel. The price was in a downward movement as it broke the support line and reached a low of 4400. The price action is currently showing some bullish signals. The bulls will continue upward move if the support at 4400 holds.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
France 40 is below 20% range of the daily stochastic. This implies that the market has reached the oversold region. The implication is that buyers are likely to emerge to push the index upward.

General Outlook for Italy France 40 (FR40EUR)
FR40EUR has been on a downward move for some time. The market has reached the oversold region. It also means that the market is in a strong bearish momentum.This will automatically produce buyers at the oversold. The price action has indicated bullish signals.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.