France 40 (FR40EUR) Resumes Uptrend, Battles Level 4600 Resistance

France 40 (FR40EUR) Resumes Uptrend, Battles Level 4600 Resistance

Key Resistance Zones: 5800, 6000, 6200
Key Support Zones: 5000, 4800, 4600

France 40 (FR40EUR) Long-term Trends: Bearish

France 40 index is currently facing resistance at level 4600. Since March 26, the bulls have failed to break the resistance level. However, on April 29, the bulls broke the resistance but were immediately repelled below the resistance zone. The market fell to level 4362 and resumed upward move. The price has been fluctuating in the last one month below level 4600. In the meantime, the market is going up to retest the resistance.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
France 40 index has fallen to level 49 of the Relative Strength Index. This implies that the market has reached the downtrend zone. The downtrend  may not continue as there is a bullish signal. The 21-day SMA is a support line for the index. The SMAs are sloping downward.

France 40 (FR40EUR) Medium-term Trend: Bearish
On the 4- hour chart, the market is in the ascending channel. The price fluctuates between the resistance at 4600 and the support line. On May 4, the market fell to the support line but the index reached the oversold region. Buyers are emerging to push the prices upward.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The price is presently above the 20% range of the daily stochastic. This indicates that the market is in a bullish momentum. Buyers are emerging as the market was previously oversold. The SMAs is sloping upward.

General Outlook for France 40 (FR40EUR)
France 40 have resumed upward retesting the resistance at 4600. The market is in a sideways trend trading below the current resistance. Possibly, a rebound will break through resistance and resume the upward.

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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.