France 40 (FR40EUR) Reaches Overbought Region, May Reverse at Level 5513

France 40 (FR40EUR) Reaches Overbought Region, May Reverse at Level 5513

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 resumed upward. The market has broken the previous resistance levels and reached a high of level 5445.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
It is currently at level 74 of the Relative Strength Index period 14. It is in an uptrend zone and above the centerline 50. The index is now trading at the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. On November 9 uptrend; a retraced candle body tested the 78.% Fibonacci extension. This indicates that the index will reach a level of 1.272 Fibonacci extensions. That is the market will rise and reach level 1.272 and reverse. That is at the high level 5513.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently above the 80% range of the daily stochastic. It is trading in the overbought region. There is a likelihood of a seller’s emergence in the overbought region.

General Outlook for Italy France 40 (FR40EUR)
France 40 is in an uptrend. The recent rallies have reached the overbought region. The market may resume a downward move if sellers emerge. Meanwhile, the uptrend is ongoing.



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.