Italy 40 (ITA40) Is an Upward Move, Faces Rejection 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. The upward move is facing resistance at level 22500. The index fell to level 21400 and moved up. The index will reach level 23000 if the current resistance is broken.

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 61 of the Relative Strength Index. It indicates that the pair is likely to further to rise.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. On December 28 uptrend, the ITA40 was resisted. The retraced candle body tested the 88.6% Fibonacci retracement level. This indicates that the index will rise to level 1.1129 Fibonacci extension level. That is a high of 22563.

4- Hour Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. The index is above 60% range of the daily stochastic. It indicates ITA40 has resumed bullish momentum.

General Outlook for Italy 40 (ITA40)
Italy 40 is in an uptrend. The upward move is facing resistance at level 22500. The market will move up if the resistance is breached. According to the Fibonacci tool, the market will rise and reach a level of 1.1129 or a high of 22563.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing Results