Italy 40 (ITA40) Makes Upward Move, May Retest Level 23000

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

Italy 40 (ITA40) Long-term Trend: Bullish
Italy 40 is making an upward move after falling to the low of level 21500. After consolidating above level 21500 for four days, the index resumed upward. The price is likely to retest the level 23000 and break it. A breakout will ensure further upward movement of the index. Otherwise, the market will resume a sideways move.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. It indicates the current uptrend. The market has risen to level 49 of the Relative Strength Index. It indicates that there is a balance between supply and demand.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. On February 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Index will fall to level 1.272 Fibonacci extension level or the high of 22348. The index is likely to reverse at the recent high.

4- Hour Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. The index is above the 80% range of the daily stochastic. It indicates that ITA40 is in a bullish momentum and is in the overbought region.

General Outlook for Italy 40 (ITA40)
Italy 40 is presently in an upward move to retest level 23000. The first uptrend was interrupted at level 23000. Italy 40 will continue with the upward move if the current resistance is breached.


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