France 40 (FR40EUR) in an Upward Move, Faces Stiff Resistance at 4500

France 40 (FR40EUR) in an Upward Move, Faces Stiff Resistance at 4500

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

France 40 (FR40EUR) Long-term Trend: Bearish
France 40 index is in a downtrend as the market reaches a low of 3750. The index is currently in an upward move because 3750 support is holding. The upward move is currently hampered by the resistance at 4500. The index is currently falling as a result of 4500 overhead resistance. The downward move may extend to a low of 4000.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index is currently above 50% range of the daily stochastic. That is FR40EUR is in a bullish momentum. The price action seems to be contrary to the stochastic indicator. The market is currently in an upward move. The selling pressure is likely to be short-lived.

France 40 (FR40EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a descending channel. After breaking the resistance line, the upward move is facing resistance at 4500. The bulls have made two unsuccessful attempts at the resistance. The index is still in an upward move.

FR40EUR – 4 hour Chart

4-hour Chart Indicators Reading
The index is currently at level 46 of the Relative Strength Index period 14. The index is in a downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

General Outlook for Italy France 40 (FR40EUR)
FR40EUR is in an upward move. The upward move has been delayed because of the resistance at 4500. The market is currently trading below 4500 resistance. A break above the resistance at 4500 will catapult the index to 5000.

Instrument: France 40 (FR40EUR)
Order: Buy
Entry price: 4217.60
Stop: 4157.60
Target: 4417.60

Note: Learn2Trade.com 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

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Author : Azeez Mustapha

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