France 40 (FR40 EUR) Is Range-Bound After Failing to Breach Level 4600

France 40 (FR40 EUR) Is Range-Bound After Failing to Breach Level 4600

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 being interrupted at level 4600. On May 8, the bulls tested level 4600 and the index was resisted. The price dropped to 4200 low and resumed upward move. The same scenario was created as price was resisted at level 4600. In the meantime, France 40 is trading below the resistance.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
At the moment, the index has risen to level 50 of the Relative Strength Index period 14. It is in an uptrend trend zone but equal to 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. Currently, the upward move has been temporarily suspended as the market trades below resistance. A break above the resistance will accelerate the uptrend. The current resistance has tested thrice without breaking it.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
France 40 is above 50% range of the daily stochastic. This implies that the market is in a bullish momentum. The upward move is approaching the overbought region .

General Outlook for Italy France 40 (FR40EUR)
FR40EUR downtrend is over but the bulls are finding penetration difficult at the 4600 resistance level. Presently the market is in a sideways move below the resistance. The uptrend will resume if the resistance is breached.

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Author : Azeez Mustapha


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