France 40 (FR40EUR) Is in the Oversold Region, May Resume Upward

France 40 (FR40EUR) Is in the Oversold Region, May Resume Upward

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 downward move. The index has fallen and broken the previous price range. The retraced candle body tested the 38.2% Fibonacci extension on October 12. This indicates that the index will reach level 2.618Fibonacci extension. That is the index will fall to the level 3959.20.

FR40EUR -Daily Chart

Daily Chart Indicators Reading:
It is currently at level 29 of the Relative Strength Index period 14. It is in a downtrend zone and below the centerline 50. The index has fallen to the oversold region. The 21-day SMA and the 50-day SMA are sloping downward indicating a sideways trend.

France 40 (FR40EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downtrend. On October 22 downtrend; a retraced candle body tested the 38.2% Fibonacci extension. This indicates that the index will reach level 2.618Fibonacci extension. That is the market will reach level 4435.0.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently below the 20% range of the daily stochastic. It is in a bearish momentum. The market has reached the overbought region.

General Outlook for Italy France 40 (FR40EUR)
France 40 is in a downward move. The selling pressure is likely to continue but the index has reached the oversold region. Buyers are expected to emerge to push prices upward.


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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.