Italy 40 (ITA40) Consolidates Above Level 19000

Italy 40 (ITA40) Consolidates Above Level 19000

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

Italy 40 (ITA40) Long-term Trend: Ranging
Italy 40 is in a sideways move between levels 19000 and 21000. The index has been fluctuating since June. The price is now consolidating in the middle of the price range. The range-bound levels are yet to be broken.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
Italy 40 is at level 48 of the Relative Strength Index. It indicates that the market is in the uptrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping sideways move.

Italy 40 (ITA40) Medium-term Trend: Ranging
On the 4- hour chart, the market is also in a sideways move. The price movement is without direction. The price is facing rejection at level 20400. The price action is dominated by small body candlesticks called Doji and Spinning tops.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
Italy 40 is below 80 % range of the daily stochastic. The market is in a bearish momentum after a downward move. The 21-day and 50-day SMAs are sloping horizontally indicating the price movement.

General Outlook for Italy 40 (ITA40)
ITA40 has been in a sideways trend since June. The index is range-bound between levels 19000 and 21000. The Relative Strength Index period 14 indicates that the index is at level 52. The price is in the midpoint of the centerline. The upward move is likely to the upper price range.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.