Italy 40 (ITA40) Is in a Downtrend, May Reach the Low of Level 21377

Italy 40 (ITA40) Is in a Downtrend, May Reach the Low of Level 21377

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. A retraced candle body tested the88.6% Fibonacci retracement level. The Index will rise to level 1.1189 Fibonacci extension level. The index has already reversed and it is on a downward move.

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 56 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 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This indicates that the index will fall to level 2.0 Fibonacci extension level. That is a low of 21377.

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 21377.


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Author : Azeez Mustapha

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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.