France 40 (FR40EUR) Resumes Downtrend, Breaks Range-Bound Move

France 40 (FR40EUR) Resumes Downtrend, Breaks Range-Bound Move

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

France 40 (FR40EUR) Long-term Trend: Ranging
France 40 index is in a range bound move. The index is currently fluctuating between levels 4800 and 5200. Since June, the market is yet to trend; rather the price now consolidates in the middle of the price range. The price breaks below the support level and it resumes upward.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index is currently at level 41 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, the index is in a sideways move. The price has broken the support level and resumed a downward move. The market is in a choppy price action.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently below the 80% range of the daily stochastic. The index is in a bearish momentum. The moving averages are still sloping horizontally indicating the sideways trend.

General Outlook for Italy France 40 (FR40EUR)
FR40EUR has resumed a downward move as it reached the low of 4690. The market has risen to level 4830. This upward move has taken the index to the overbought region of the market.


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.