Italy 40 (ITA40) Rebounds above Level 17820, Targets Level 21200

Azeez Mustapha
3 November 2020 | Updated: 3 November 2020

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. The index plunged to level 17820 and resumed the uptrend. On October 12 uptrend, a retraced candle body tested the 38.2 Fibonacci retracement level. This implies that the market will rise and reach a level of 2.618 Fibonacci retracement level. That is the market will reach a high of 21267.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It indicates that the sideways trend. The market has risen to level 49 of the Relative Strength Index. It indicates that there is a balance between supply and demand.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. The index is trading in the overbought region. On November 2, a retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the index will rise to level 1.272 Fibonacci extension level and reverse. That is a high of 18657. However, the price action has broken that level.

ITA40 – 1 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. Italy 40 is trading in the overbought region. The market is in a bullish momentum. The SMAs are sloping upward indicating the uptrend.


General Outlook for Italy 40 (ITA40)
Italy 40 has resumed an upward move. According to the Fibonacci tool, the market will rise and reach level 2.618 or the high of 18657. The index is in the overbought region of the market. Sellers may emerge to push prices downward



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing
results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!
Azeez Mustapha

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.