Italy 40 (ITA40) Is Strongly in a Sideways Trend, Resumes Downward Move

Italy 40 (ITA40) Is Strongly in a Sideways Trend, Resumes Downward Move

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

Italy 40 (ITA40) Long-term Trend: Ranging
The index is in a sideways move. The market is fluctuating between levels 19000 and 21000. Each time the price tests the resistance zone; the index will fall and resume the sideways move. The index is trading in the middle of the price range.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. It indicates that the upward movement of the index. The market has risen to level 44 of the Relative Strength Index. It indicates that the price is in the downtrend zone and above the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Ranging
On the 4- hour chart, the index is resuming an upward move. The price is fluctuating in the middle of the horizontal channel. Today, price is trending toward the lower price level. The index is in a choppy price action.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 20% range of the daily stochastic. The market is in the oversold region. Buyers will emerge to push the price upward. The SMAs are also sloping sideways indicating the sideways trend.

General Outlook for Italy 40 (ITA40)
Italy 40 is not in a trending market. The index is strongly in a sideways trend. The price movement has no particular direction. The range-bound movement will continue for some time.

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