Italy 40 (ITA40) Fluctuates in a Tight Range between Levels 18200 and 20000

Italy 40 (ITA40) Fluctuates in a Tight Range between Levels 18200 and 20000

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

Italy 40 (ITA40) Long-term Trend: Ranging
Italy 40 is still in a sideways trend. Presently, the index is in the middle of the price range. The lower price range is intact as price resumes. In the meantime, it is consolidating between levels 18200 and 21000.

ITA40 -Daily Chart

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 51 of the Relative Strength Index. It indicates that the price is in the uptrend zone and above the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. The uptrend was terminated at level 19800. Italy 40 is falling. The index is likely to further depreciate on the downside.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above 50% range of the daily stochastic. The market is in a bearish momentum. The index is now in the overbought region of the market. Sellers have emerged to push prices down. 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. According to the stochastic indicator, the index is in the overbought region of the market. Sellers will emerge to push prices downtrend.

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Author : Azeez Mustapha


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