France 40 (FR40EUR) Rebounds above Level 4900, Resumes Uptrend

France 40 (FR40EUR) Rebounds above Level 4900, Resumes Uptrend

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

France 40 (FR40EUR) Long-term Trend: Ranging
France 40 index is in a sideways move. The index is currently fluctuating between levels 4800 and 5200. The price is now rising to the resistance level at level 5200. The uptrend will continue if price breaks above the resistance line. On the other hand, if price is resisted the pair will fall and then resume its sideways move.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index is currently at level 58 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 sideways indicating sideways trend.

France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. The price is rising and approaching the high of level 5050. A red candle body tested the 0.618 Fibonacci retracement level. The market will rise and reach the level 1.618 Fibonacci extension level. In other words, the index will reach a high of 5200.

FR40EUR – 4 Hour Chart

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

General Outlook for France 40 (FR40EUR)
FR40EUR is in a sideways move but it is rising and approaching the high of 5200. The current upward move may continue if price breaks the resistance at level 5200. Otherwise, the market will resume its sideways move.

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Author : Azeez Mustapha


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