Italy 40 (ITA40) Is Stuck Below 18000 Resistance


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

Italy 40 (ITA40) Long-term Trend: Bearish
Italy 40 is currently making an upward move as the 15000 support holds. The upward move has been hampered due to the resistance at 18000. Since March 25, the bulls have been making an unsuccessful attempts to break the resistance at 18000. On the upside, if the bulls are successful, the market will rise to 20000. On the downside, the index will continue to trade below 18000 resistance level if the bulls fail to breach the resistance level.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
Italy 40 is above 60% range of the daily stochastic. The index is also approaching the overbought region of the market. This means that the index is in a bullish momentum. The 21-day SMA is acting as a resistance to the index but has been breached.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in a descending channel. The bulls have broken the resistance line but the upward move has been hindered. The bulls have made four attempts at the resistance without breaking it. The index trades below the resistance.

4-hour Chart Indicators Reading
Italy 40 is currently at level 58 of the Relative Strength Index period 14. This implies that the index is in the uptrend zone. The index is likely to rise as it is above the centerline 50. Also, the 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

ITA40 – 4 Hour Chart

General Outlook for Italy 40 (ITA40)
Italy 40 is currently in an upward move but trades below the 18000 resistance. An upward move is possible if the resistance at 18000 is broken. The index is still in a bullish momentum.

Instrument: Italy 40 (ITA40)
Order: Buy
Entry price: 17480
Stop: 17400
Target: 17680

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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.