Italy 40 (ITA40) in a Downward Move, Faces Rejection at 18000

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

Italy 40 (ITA40) Long-term Trend: Bearish
The index is now in a downward move as the bulls fail to break the resistance at 18000. The bears have broken the 21-day SMA. The downward move is likely to continue as price is below the EMAs. The market is falling as it may reach a low of 15000. At level 15000, the index will reach the oversold region where buyers are likely to emerge.

Daily Chart Indicators Reading:
Italy 40 is currently in a downward move. The price has fallen to level 44 of the Relative Strength Index. It indicates that the market is in the downtrend zone and below the centerline 50. There is the likelihood of the index falling.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the upward move has been interrupted as price breaks the trend line. This downward move became necessary as the bulls fail to break the 18000 resistance after five unsuccessful attempts.

4-hour Chart Indicators Reading

The index has fallen below a 20% range of the daily stochastic. Italy 40 is approaching the oversold region of the market. Sellers will emerge when the market reached the oversold region.The SMAs are sloping downward indicating the downward move.

General Outlook for Italy 40 (ITA40)
Italy 40 is gradually falling as price reaches the previous low. The price is falling and approaching the oversold region. Buyers may likely emerge at level of 16000 or 15000. This will give an opportunity for the index to resume a fresh uptrend.

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