Italy 40 (ITA40) Is in a Downtrend, May Break the Lower Price Range

Italy 40 (ITA40) Is in a Downtrend, May Break the Lower Price Range

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

Italy 40 (ITA40) Long-term Trend: Bearish
Italy 40 is in a downward move. The index is falling and approaching the lower price range. A break below level 18200 will ensure further downward movement of the index. The price has fallen to level 18615 at the time of writing.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It indicates the sideways trend. The market has risen to level 51 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: Bearish
On the 4- hour chart, the index is in a downward move. On October 22 downtrend, a retraced candle body tested the 38.2 Fibonacci retracement level. This gives the clue that the index will fall to level 2.618 Fibonacci retracement level. That is to a low of 17662.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. The market is in a bearish momentum. The index is now in the oversold region of the market. The SMAs are also sloping downward indicating the downtrend.


General Outlook for Italy 40 (ITA40)
Italy 40 has resumed a downward move. The sideways move has giving way to a downward move. According to the Fibonacci tool analysis, the market will fall to level 17662.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.