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Key Resistance Zones: 5900, 6000, 6100
Key Support Zones: 5400, 5300, 5200
France 40 (FR40EUR) Long-term Trend: Bullish
France 40 index is in a downward move. The selling pressure has been exhausted as the pair find support above level 5366. FR40EUR has resumed upward but faces rejection at level 5600.
Daily Chart Indicators Reading:
The index is currently at level 51 of the Relative Strength Index period 14. It is in a downtrend zone and above the centerline 50. It also indicates that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.
France 40 (FR40EUR) Medium-term Trend: Bullish
On the 4- hour chart, France 40 is in an upward move. On February 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will rise to level 1.272 Fibonacci extension and reverse. That is the high of 5700.20.
4-hour Chart Indicators Reading
France 40 is currently above the 80% range of the daily stochastic. The index is in the overbought region. Sellers may emerge to push prices down. The moving averages are still sloping sideways indicating the sideways market.
General Outlook for France 40 (FR40EUR)
France 40 is likely to fall again as it reaches the overbought region of the market. The upward move has been impeded by the resistance at level 5600.
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