France 40 (FR40EUR) Has Resumed a Downward Move, May Reach Levels 4765 and 4685

France 40 (FR40EUR) Has Resumed a Downward Move, May Reach Levels 4765 and 4685

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. The index is trading below level 5100 since June. Each time price tests level 5100, the index will resume a sideways move. Today, the market is in an upward move to retest level 5100.

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 falling but in a sideways trend. The upward move has reached level 5000 but was repelled. France 40 has resumed a downward move after rejection at level 5000. It is unclear the extent of the downward.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
France 40 is currently below the 25% range of the daily stochastic. The index is in a bearish 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 previous lows. Perhaps, the price will fall and reach the lows of level 4765 and 4685.

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Author : Azeez Mustapha


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