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

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

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



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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.