Italy 40 (ITA40) Resumes Uptrend, Larger Move Likely

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. ITA40 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.

Daily Chart Indicators Reading:
Italy 40 is at level 51 of the Relative Strength Index. It indicates that the market is in the uptrend zone. ITA40 indicates that 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 an upward move. A retraced candle body tested the 38.2%Fibonacci retracement. The index will rise and reach a level of 2.618 Fibonacci extension. That is the high 20633.

4-hour Chart Indicators Reading
Italy 40 is above the 80 % range of the daily stochastic. The market is in a bullish 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 is in an upward move. It is currently rising and has reached level 19540. The index is range-bound between levels 19000 and 21000. The market is presently approaching the overbought region of the market.


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