Italy 40 (ITA40) Reaches the Overbought Region, May Reverse at Level 22574

Italy 40 (ITA40) Reaches the Overbought Region, May Reverse at Level 22574

Key Resistance Zones: 24000, 25000, 26000
Key Support Zones: 22000, 21000, 20000

Italy 40 is in an uptrend. The index has broken the range-bound levels. It has reached a new high of level 22400 before pulling back. The index has resumed upward to retest level 22400. The bullish momentum will continue if price breaks the recent high.

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 26 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 22574. However, the price reversal will not be immediate.

ITA40 – 4 hour Chart

4-hour Chart Indicators Reading
The index is above the 40% range of the daily stochastic. It indicates that it 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 22574. Thereafter the index will reverse but the reversal will not be immediate.


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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.