France 40 (FR40EUR) Is in a Downtrend, Approaches Level 4700

France 40 (FR40EUR) Is in a Downtrend, Approaches Level 4700

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 trend. France 40 is currently fluctuating between levels 4800 and 5200. The market is falling to the lower price range. The downtrend will continue if price breaks below the support line. The price is likely to break the support line.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index is currently at level 37 of the Relative Strength Index period 14. It is in a downtrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping sideways indicating a sideways trend.

France 40 (FR40EUR) Medium-term Trend: Ranging
On the 4- hour chart, France 40 is in a downtrend. The price fell to level 4763 and resumed an upward move. After a retest at level 4870, the selling pressure resumes. The previous support level has not been sufficiently broken.

FR40EUR – 4 Hour chart

4-hour Chart Indicators Reading
France 40 is currently above 25% range of the daily stochastic. The index is in a bullish momentum and it is in the oversold region of the market. The moving averages are still sloping sideways indicating the sideways market.

General Outlook for France 40 (FR40EUR)
The index is in a downward move and approaching the support line to break the lower price range. The downtrend will continue after breaking the support line of the horizontal channel.

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Author : Azeez Mustapha


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