France 40 (FR40EUR) Is Range-Bound, Fluctuates Between Levels 5500 and 5600

France 40 (FR40EUR) Is Range-Bound, Fluctuates Between Levels 5500 and 5600

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

France 40 (FR40EUR) Long-term Trend: Ranging
FR40EUR index is in a sideways move below level 5600. The price is consolidating above the SMAs but below the resistance at level 5600. A break above the resistance will compel the index to resume an uptrend.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index is currently at level 63 of the Relative Strength Index period 14. It is in an uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

France 40 (FR40EUR) Medium-term Trend: Ranging
On the 4- hour chart, France 40 is in an upward move. The index is in a range bound movement between levels. The price is fluctuating between levels 5500 and 5600.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
France 40 is currently above the 60% range of the daily stochastic. The index is in bullish momentum. The moving averages are still sloping sideways indicating the sideways market. The market is yet to trend as it continues to consolidate.

General Outlook for France 40 (FR40EUR)
France 40 is now in a sideways trend. In November, the bulls fail to break the resistance at level 5600. The bears also could not sink the price beyond level 5500. The range-bound movement will continue as long as the range boun levels remain unbroken.

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Author : Azeez Mustapha


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