France 40 (FR40EUR) Is in an Upward Move, Faces Rejection at Level 4900

France 40 (FR40EUR) Is in an Upward Move, Faces Rejection at Level 4900

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

France 40 (FR40EUR) Long-term Trends: Bullish
France 40 index is in an upward move. The index has fallen to level 4600 and resume upward. The market is likely to face resistance at level 5000.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
It is currently at level 55 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 horizontally indicating a sideways trend.

France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. On November 3 uptrend; a retraced candle body tested the 50% Fibonacci extension. This indicates that the index will reach level 2.0 Fibonacci extension. That is the market will reach level 5021.10

FR40EUR – 30 Min Chart

4-hour Chart Indicators Reading
The index is currently below the 80% range of the daily stochastic. It is in bearish momentum. The market has reached the overbought region.

General Outlook for Italy France 40 (FR40EUR)
France 40 is in an uptrend. The index has been rising but has reached the overbought region of the market. Sellers have emerged to push prices down. The market is expected to rise if the price finds support above the 21-day SMA. The selling pressure will persist if price breaks below the SMAs.


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 result

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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.