Key Support Zones: 5400, 5300, 5200
France 40 (FR40EUR) Long-term Trend: Bearish
France 40 index has been in an uptrend since 2019. The market reached a high of 6100 in its upward move. The bulls attempted to push above the overhead resistance but were unable to do so. France 40 has reached an overbought region of the market.
In the overbought region, sellers emerge to push the price to a low of 5200. At the current low of 5200, the price entered the oversold region. This explains the fact that the selling pressure is over as we expect the bulls to emerge at the oversold region to push the index upward. Meanwhile, the current support at 5200 is likely to hold but may face minor resistance at 5700.
Daily Chart Indicators Reading:
The index is currently below 20% range of the daily stochastic indicating that France 40 is in the oversold region of the market. In the oversold region, buyers are expected to emerge to push the index upward. Presently, the stochastic bands are making a U-turn indicating the upward move.
France 40 (FR40EUR) Medium-term Trend: Bearish
On the 4- hour chart, the price is in a bearish trend. The market was at a high of 6100 before the downward move. The price fell to the low of 5200 and rebounded. The upward move is currently facing resistance at 5500.
4-hour Chart Indicators Reading
FR40EUR is currently at level 45 of the Relative Strength Index period 14. It means that the market is in the downtrend zone. Also, it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.
General Outlook for Italy France 40 (FR40EUR)
France 40 is recovering after a downward move. The index reached a high of 6100 but dropped to a low of 5200. The market has a shortfall of 900. Meanwhile, the current support is holding as the index makes an upward move.
Instrument: France 40 (FR40EUR)
Order: Buy
Entry price: 5485
Stop: 5200
Target: 6100
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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