France 40 (FR40EUR) Is in the Overbought Region, May Resume Downward
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France 40 (FR40EUR) Is in the Overbought Region, May Resume Downward

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Azeez Mustapha

Updated:

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

France 40 (FR40EUR) Long-term Trend: Ranging
FR40EUR index is in an upward move. On November 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise and reverse at level 1.272 Fibonacci extensions. That is at the high of 5822.80.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index is currently at level 73 of the Relative Strength Index period 14. FR40EUR is now trading in the overbought region. The 21-day SMA and the 50-day SMA are sloping sideways indicating the upward move.

France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, France 40 is rising and in an upward move. On November 16 uptrend,a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise and reverse at level 1.272 Fibonacci extensions. That is at the high of 5575.40 high.

FR40EUR – 3 Hour Chart

4-hour Chart Indicators Reading
France 40 is currently above the 80% range of the daily stochastic. The index is in a bullish momentum and it is in the overbought region of the market. The moving averages are still sloping upward indicating the uptrend.

General Outlook for France 40 (FR40EUR)
France 40 is trading in the overbought region as per the lower and higher time frame. The indicators have indicted a possible reversal of the index.


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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