France 40 (FR40EUR) Fluctuates above 4600 Support, May Resume Upward Move

France 40 (FR40EUR) Fluctuates above 4600 Support, May Resume Upward Move

Key Resistance Zones: 5800, 6000, 6200
Key Support Zones: 5000, 4800, 4600

France 40 (FR40EUR) Long-term Trends: Bearish
France 40 index is in an uptrend as it reaches the high of 6109. The bulls attempted to break the overhead resistance at 6109 on three occasions without breaking it. On the third attempt, the bulls were resisted and the market dropped sharply.

On the first downward move, the market dropped to the low of 5200 and made a pulled back. The downward move continued to the low of 4575 after a retest at 5537. The index has fallen into the oversold region at the price of 4575. The implication is that the selling pressure may have been exhausted.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
France 40 index has fallen below a 20% range of the daily stochastic. FR40EUR index is now in the oversold region of the market. Buyers are expected to appear at the oversold region to push the index upward. The index will remain in the oversold region if buyers failed to return.

France 40 (FR40EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index has been in a sideways trend before the downward move. On February 24, the bears broke the 5800 support level, the market continues its downward move. At first, the price falls to the low of 5200, and after a pulled back, the downward move continued to the low of 4617.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently at level 32 of the Relative Strength Index period 14. The index is likely to fall as it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally.

General Outlook for France 40 (FR40EUR)
France’s 40 downward moves have reached the oversold region. The market may have an upward move if the bulls emerge in the oversold region. The index is expected to rise and revisit the previous highs.

Instrument: France 40 (FR40EUR)
Order: Buy
Entry price: 4617
Stop: 4500
Target: 5800

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
Share with other traders!

Author : Azeez Mustapha


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