Italy 40 (ita40) is in a Range Bound Move, Battles Level 18000 Resistance


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

Italy 40 (ITA40) Long-term Trend: Bearish
Italy 40 is still facing resistance at level 18000. Today, the bulls are repelled after failing to break the overhead resistance. This will be the fourth time the bulls are being rejected at the resistance. A downward movement of the index is expected as the fluctuations may resume between level 16000 and 18000.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
Italy 40 is currently in a downward move. The index has fallen to level 52 of the Relative Strength Index. It indicates that the market is in the uptrend zone and above the centerline 50. There is the likelihood of the index falling.

Italy 40 (ITA40) Medium-term Trend: Bearish
On the 4- hour chart, the upward move has been interrupted to a sideways move. The market is fluctuating between level 18000 and above the trend line. Today, price is retracing after being resisted at 18000. It is unclear the extent of the downward move.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above 80% range of the daily stochastic and the  bands are making a U-turn indicating bearish momentum. Sellers are emerging to push prices downward. The SMAs are sloping horizontally indicating the price fluctuation.

General Outlook for Italy 40 (ITA40)
Italy 40 has been trading below the resistance at 18000. The bulls have failed to break the resistance level since March 25. The market is presently falling after failing to break 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.