France 40 (FR40EUR) Reaches Bearish Exhaustion, Upward Move Likely

France 40 (FR40EUR) Reaches Bearish Exhaustion, Upward Move Likely

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

France 40 (FR40EUR) Long-term Trend: Bullish
France 40 is in an uptrend. A correction candle tested the 0.618 Fibonacci retracement level. This indicates that the market will rise to level 1.618 Fibonacci extension level. After reaching the first target the market is currently retracing. Thereafter, the uptrend will resume.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
At the moment, the index has fallen to level 65 of the Relative Strength Index period 14. Sellers have emerged in the overbought region. The index is still in the uptrend trend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward

France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. A trend line is drawn showing the support level of price. France 40 reached the overbought region at level 5200 and resumed a downward move. Sellers emerged to push the price to level 5066. The uptrend is likely to resume after the retracement

4-hour Chart Indicators Reading
France 40 is below 40% range of the daily stochastic. This implies that the index is in the bearish momentum. Sellers have emerged to push prices downward at the overbought region.

FR40EUR – 4 Hour Chart

General Outlook for Italy France 40 (FR40EUR)
FR40EUR is retracing after the index reached the overbought region. It is unclear if the selling pressure has been exhausted. Meanwhile, an upward move is likely to resume after the retracement.


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