Italy 40 (ITA40) Resumes Downtrend, May Break Below Level 18000

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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

Italy 40 (ITA40) Long-term Trend: Ranging
Italy 40 is range-bound. Presently, the price is in a downward move to break the lower price range. If the lower price range is broken, the index will be in a downtrend. In the meantime, it is consolidating between levels 18000 and 21000.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It indicates that the sideways trend. The market has risen to level 38 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: Bearish
On the 4- hour chart, the index is in a downward move. The index has fallen to level 18800 and resumed consolidation above it. The market will move up if the current support holds. Otherwise, the downtrend will continue.

4-hour Chart Indicators Reading
The index is below the 50% range of the daily stochastic. The market is in a bearish 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 has resumed a downward move. The index sideways move has giving way to a downward move. The market is expected to rise as price reaches the oversold region

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