Italy 40 (ITA40) Holds above 15000, Attempts an Upward Move

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RESULTS

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

Italy 40 (ITA40) Long-term Trend: Bearish
Italy 40 is reaching bearish exhaustion as the market is said to be oversold. After the last bearish impulse on March 12, the market started consolidating above 15000. ITA40 is also in the oversold region as buyers emerge at the oversold region. It is unlikely that the selling pressure will resume. The upward move has reached a high of 16671. From every indication the downtrend has subsided as the market makes an upward move.

Daily Chart Indicators Reading:
Italy 40 is below 20% range of the daily stochastic. The market has been oversold since February 27. The stochastic bands are horizontally flat due to the long period of the oversold condition. Presently the bulls have emerged as the market makes an upward move.

Italy 40 (ITA40) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a descending channel. The index is a downward move as the price falls to the low of 14000 and it resumes consolidation. The price has broken the resistance line of the descending channel. This is an indication of an upward movement of the index.

4-hour Chart Indicators Reading
Italy 40 is currently at level 63 of the Relative Strength Index period 14. This indicates that the index is in the uptrend zone. The index is likely to rise as it is above the centerline 50. Also, the 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.

General Outlook for Italy 40 (ITA40)
Italy 40 is consolidating above 14000 for an upward move. The downtrend is likely to have been exhausted as the market makes a U-turn. The bulls are emerging from the oversold region to push the index upward.

Instrument: Italy 40 (ITA40)
Order: Buy
Entry price: 16631
Stop: 16600
Target: 16831

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