Italy 40 (ITA40) Falls from Level 23000 Resistance Zone, Targets Level 21295

Italy 40 (ITA40) Falls from Level 23000 Resistance Zone, Targets Level 21295

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

Italy 40 (ITA40) Long-term Trend: Bearish
Italy 40 has risen to level 23007 but could not continue the uptrend. The bears have broken below level 23000 to a low of 22232. The downtrend has resumed after the index retested the high of level 222838. The pair is trading at level 22070 at the time of writing.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. It indicates the current uptrend. The market has risen to level 46 of the Relative Strength Index. It indicates that the pair is likely to fall.

Italy 40 (ITA40) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. On January 22 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that the index will fall to level 1.618 Fibonacci extension level. That is a low of 21295.

ITA40 – 4 Hour Chart

4- Hour Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. The index is above the 30% range of the daily stochastic. It indicates that ITA40 is in a bullish momentum.

General Outlook for Italy 40 (ITA40)
Italy 40 has continued to fall and it is approaching the low of level 22057.According to the Fibonacci tool, the current downtrend will extend to level 21295.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.