Italy 40 (ITA40) Is Fluctuating below Level 20400, May Face Selling Pressure

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

Italy 40 (ITA40) Long-term Trend: Bullish
Italy 40 is in an uptrend. It is currently in a sideways move between level 19000 and 20400. Presently the upward move has reached the resistance level. The index is likely to take a downward move if repelled at the current resistance.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. It indicates that the upward move of the index. The market has fallen to level 61 of the Relative Strength Index. It indicates that the price is in the uptrend zone and above the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in a sideways move between level 19000 and 20400. Since June 15, levels 19000 and 20400 have not been broken. The current uptrend to the recent high at level 20100 is facing resistance. After the resistance, the market will have a downward move.

4-hour Chart Indicators Reading
The index is above 80% range of the daily stochastic. The market is in bearish momentum. This is contrary to the present price action where price is fluctuating. The SMAs are also sloping horizontally indicating the sideways move.


General Outlook for Italy 40 (ITA40)
Italy 40 has reached the resistance zone but price is fluctuating below the resistance. If the market falls, it may reach a low of level 19200 or 18400.


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