Italy 40 (ITA40) Is Consolidating in the Middle of Level 18000 and 21000

Italy 40 (ITA40) Is Consolidating in the Middle of Level 18000 and 21000

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

Italy 40 (ITA40) Long-term Trend: Ranging
Italy 40 is range bound. The index is consolidating between levels 18000 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 horizontally. It indicates that the sideways trend of the index. The market has risen to level 52 of the Relative Strength Index. It indicates that the price is in the downtrend zone and below the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways move. The price is fluctuating between level 19250 and 20350.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 50% range of the daily stochastic. The market is in a bullish momentum. 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 yet to trend. The index is strongly in a sideways trend. The price movement has no particular direction. The index is fluctuating within the price range of 18000 and 21000.

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