Italy 40 (ITA40) in a Sideways Move below 18000 Resistance


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

Italy 40 (ITA40) Long-term Trend: Bearish
The index is still trading below the resistance at 18000. Italy 40 has not been broken since March 25. Today the bulls are testing the resistance zone but were resisted. The market will rise to a high of 20000 if the bulls are successful above 18000 resistance. However, if the bulls failed to break the resistance, the market will continue to trade below it.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The index is presently at level 48 of the Relative Strength Index. It indicates that the market is in the downtrend zone and below the centerline 50. There is a probability of the index falling again.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the market is in an uptrend. A trend line is drawn showing the support level of price. The upward move is facing resistance at 18000. Each time the bulls are resisted the market will fall above the EMAs.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
Italy 40 is below 80 % range of the daily stochastic. The bearish momentum of the instrument is contrary to the price action. The price action is showing bullish signals. The SMAs are sloping upward.

General Outlook for Italy 40 (ITA40)
Since on March 25, the index has been stuck below 18000. The upward move has been hindered because of the resistance. The market has been in a sideways move below the resistance.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.