Italy 40 (ITA40) Consolidates Sideways, May Face Selling Pressure

Italy 40 (ITA40) Consolidates Sideways, May Face Selling Pressure

Key Resistance Zones: 24000, 25000, 26000
Key Support Zones: 22000, 21000, 20000

Italy 40 (ITA40) Long-term Trend: Bullish
Italy 40 is in an uptrend. It is currently facing resistance at level 20000. The index has been trading below the resistance since June 9. At the same time, the resistance has not been broken as ITA40  consolidates sideways. A downward movement is expected.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. It indicates the upward movement of the index. The market has fallen to level 61 of the Relative Strength Index. Also, that the price is in the uptrend zone and above the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways move between levels 18400 and 20000. The price has been testing the upper price range to break it. In the meantime, price is fluctuating below the resistance. The market may have a downward move if the bulls fail to break level 20000.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above 80% range of the daily stochastic. The market is in bearish momentum. This is contrary to the present price action where price is fluctuating. The SMAs are also sloping horizontally indicating the sideways move.

General Outlook for Italy 40 (ITA40)
Italy 40 is trading in a sideways move below level 20000. The market is on a downward move as bulls fail to breach the resistance level. The index will resume uptrend if the resistance is breached.

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