Italy 40 (IT40) Makes Upward Move Correction, Resumes Uptrend


Key Resistance Zones: 24000, 25000, 26000

Key Support Zones: 22000, 21000, 20000

Italy 40 (ITA40) Long-term Trend: Bullish
Italy 40 is rising and in an ascending channel. It has broken the previous resistance and reached a high of level 18979. The index is gradually reaching the overbought region. This implies that the index may face resistance.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The market has risen to level 68 of the Relative Strength Index. It indicates that the price is in the uptrend zone and above the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in ascending channel. The index has broken the resistance line but currently facing resisting at level 18979. The uptrend is likely to continue after retracing from the recent high. On the upside, ITA40 will reach level 19200 after breaching the current resistance.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading

The index is above 80% range of the daily stochastic. The price is now in the overbought region of the market. Sellers are expected to emerge in the overbought region. The SMAs are also sloping upward indicating the upward move.

General Outlook for Italy 40 (ITA40)
Italy 40 uptrend is currently trading at level 18979 but it is facing resistance at the recent high. The RSI and the stochastic indicators are indicating bullish momentum.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.