Italy 40 (ITA40) Resumes Uptrend After Rejection From Level 22500

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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 upward move is facing resistance at level 22500. Since November 27, buyers have not been able to penetrate the resistance level. Today, the index is rising to retest the recent high.

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 59 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 December 16 uptrend, the ITA40 was resisted. The retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that the index will rise to a level of 1.618 Fibonacci extension level. That is a high of 22469.

General Outlook for Italy 40 (ITA40)
Italy 40 is in an uptrend. According to the Fibonacci tool, the market will rise and reach a level of 1.618 or a high of 22469.


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