Italy 40 (IT40) Struggles above Level 17000, Targets Resistance 18000

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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. Yesterday, the index fell to level 16785 and immediately resumed an upward move. The upward move was interrupted as price retracing today. The market is currently facing a new resistance at level 17539. The index is expected to resume an upward move.

Daily Chart Indicators Reading:
Italy 40 is in an ascending channel. The 21-day SMA and 50-day SMA are sloping upward. The market has fallen to level 47 of the Relative Strength Index. It indicates that the price is in the downtrend zone and below the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in ascending channel. The price is facing resistance at the support line as the bulls fail to break above it. The market is likely to rise if price breaks above the support line.

4-hour Chart Indicators Reading
The index is below 60% range of the daily stochastic. The market is in a bearish momentum. This is contrary to the present price action. The SMAs are also sloping upward indicating the upward move.

General Outlook for Italy 40 (ITA40)
Italy 40 has currently fallen to level 16782. The index appreciated to level 17454 but dropped down again to low above level 17000. Presently there is no direct price movement as ITA40 continues its fluctuations.

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