Italy 40 (IT40) Surges Ahead but Faces Resistance at Level 18000

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. The current uptrend is facing resistance at level 18000. The market is retracing from the recent high. The index is retracing because it has reached the overbought region of the market. It may retrace to the support of the SMAs and then the uptrend will resume.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The market has fallen to level 43 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 index is facing resistance at level 18000 as bulls fail to push price above the resistance. The market is falling and it may reach the support line of the ascending channel.

4-hour Chart Indicators Reading
The index is above 80% range of the daily stochastic. The market is in a bearish momentum because the bands are bending downward. The SMAs are also sloping upward indicating the upward move.


General Outlook for Italy 40 (ITA40)
Italy 40 uptrend is currently facing resistance at level18000. After the retracement, the uptrend is likely to resume. The downward move has reached level 17742 at the time of writing. The price may consolidate before resumption.


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