Italy 40 (ITA40) Faces Resistance at Level 22500, May Reverse at Level 22844

Italy 40 (ITA40) Faces Resistance at Level 22500, May Reverse at Level 22844

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 upward move is facing resistance at level 22500. On November 24 uptrend, a retraced candle body tested the 88.6% Fibonacci retracement. This retracement indicates that the index is likely to rise and reach at level 1.1129 Fibonacci extension. That is the high of level 22933.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. It indicates the current uptrend. The market has risen to level 61 of the Relative Strength Index. It indicates that the pair is likely to further to rise.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. On December 28 uptrend, the ITA40 was resisted. The retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the index will rise to level 1.272 Fibonacci extension level. That is a high of 22844.

ITA40 – 4 Hour Chart

4- Hour Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. The index is above the 30% range of the daily stochastic. It indicates ITA40 is in a bullish momentum.

General Outlook for Italy 40 (ITA40)
Italy 40 is in an uptrend. The upward move is facing resistance at level 22500. The upward move has reached bullish exhaustion. According to the Fibonacci tool, the index will rise and reverse at level 22844.


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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.