Italy 40 (ITA40) Sustains Recent Rallies but Faces Resistance at Level 22500

Italy 40 (ITA40) Sustains Recent Rallies but Faces Resistance at Level 22500

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. On November 24, the index rallied to level 22500. The market has been consolidating below the resistance since November 24. The uptrend will resume if the bulls break the current resistance.

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 65 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 22582. 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 22582. Thereafter the index will reverse but the reversal will not be immediate.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.