Italy 40 (IT40) Unable to Sustain Above, Battles Resistance 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 index is making a series of higher highs and higher lows. The price is on the higher low of the support line. At the higher lows, the price will move up to the higher highs. In the previous price action, the market reached a high of 18000. Downward moves occur after the resistance. Presently, we expect the market to move up.

ITA40 – Daily Chart

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 risen to level 51 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 price is making a series of higher highs and higher lows. Presently, ITA40 has fallen to the support line, there is a tendency for price to rise to revisit the higher highs of level 18000.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above 60% range of the daily stochastic. The index is in a bullish momentum. The SMAs are also sloping upward indicating the upward move.

General Outlook for Italy 40 (ITA40)
Italy 40 is now trading below the resistance at 18000. Since the beginning of May, the bulls are yet to retest the resistance level. The resistance is yet to break at the time of writing. The market will reach level 19000 if the resistance is breached.

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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.