Italy 40 (ITA40) Is in a Sideways Trend, Faces Rejection at Level 21000

Italy 40 (ITA40) Is in a Sideways Trend, Faces Rejection at Level 21000

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

Italy 40 (ITA40) Long-term Trend: Ranging
The index is in a sideways move below level 21000. The price retested level 21000 and resumed a downward move to level 19000. At the low of level 19000, the price is now in a sideways move. Since June the market has been in consolidation.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The index is presently at level 47 of the Relative Strength Index. It indicates that the market is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping in a sideways move.

Italy 40 (ITA40) Medium-term Trend: Ranging
On the 4- hour chart, the market is also in a sideways move. The market is fluctuating between levels 18800 and 21200. The index price movement is without a pattern. Today the price is rising after reaching the low of 18800.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
Italy 40 is above 50 % range of the daily stochastic. The market is in a bullish momentum after a downward move. The 21-day and 50-day SMAs are sloping horizontally indicating the price movement.

General Outlook for Italy 40 (ITA40)

ITA40 is not trending since June. The index has been range-bound between levels 18800 and 21000. The market is moving upward after the recent downward.

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