Italy 40 (ITA40) Fluctuates between levels 19000 and 21000

Italy 40 (ITA40) Fluctuates between levels 19000 and 21000

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

Italy 40 (ITA40) Long-term Trend: Ranging
Italy 40 is in a sideways move. The market has been fluctuating between levels 19000 and 21000. The index is in a downward move after the appearance of a shooting star. The price is likely to terminate in the middle of price range. Since June the current key levels have not been broken.

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 48 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: Ranging
On the 4- hour chart, the index is in a sideways trend. The market reached the overbought region while in a sideways trend. Precisely, the index was resisted at level 21200 as price resumed a downward move. The market sideways move has continued as the index moves up.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below 20% range of the daily stochastic. The market is in the oversold region. Buyers will emerge to push the price upward. The SMAs are also sloping upward indicating the uptrend.

General Outlook for Italy 40 (ITA40)
Italy 40 is in a sideways move. The index is currently trapped between levels 19000 and 21000. The market will resume trending if any of these levels are breached

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