Italy 40 (ITA40) Faces Rejection at Level 23000, Resumes Downward
Login

Italy 40 (ITA40) Faces Rejection at Level 23000, Resumes Downward

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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 but faces rejection at level 23000. The index is falling and may reach the previous low of level 21078. The price action is characterized by small body candlesticks called Doji and Spinning tops. Sellers and buyers are undecided about the direction of the market since November.

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: Bearish
On the 4- hour chart, the index is in a downward move. On January 11 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. This indicates that the index will fall to level 1.272 Fibonacci extension level. That is a low of 21993.

ITA40 – 4 Hour Chart

4- Hour Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. The index is below the 40% range of the daily stochastic. It indicates that ITA40 is in a bearish momentum.

General Outlook for Italy 40 (ITA40)
Italy 40 has resumed a downward move after it was resisted at level 23000. According to the Fibonacci tool, the current downtrend will extend to level 21993.


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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News