Italy 40 (ITA40) Continues the Upside Momentum, Targets Level 22000

Italy 40 (ITA40) Continues the Upside Momentum, Targets Level 22000

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 has risen since October 29. The price has broken above the SMAs and the resistance at level 19900. This guarantees the resumption of an upward move. The price also broke the resistance at level 20700.

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 71 of the Relative Strength Index. It indicates that the pair has reached the overbought region of the market

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. On November 9 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 and reverse. That is a high of 21359. However, the price reversal will not be immediate.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic since November 2. 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 is in an uptrend. According to the Fibonacci tool, the market will rise and reach level 1.272 or the high of 21359. From the price action, the price is supposed to surpass that level.


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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.