Annual Forecast for Italy 40 (2021): ITA40 Outlook May Remain the Same as Level 24000 Remains Unbroken

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RESULTS

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

Since 2015, the index has not been able to break above level 24000. In 2020, this level was tested and there was a strong bearish reaction. The index faced rejection at the overhead resistance. The breakdown covered the first quarter in 2020. In January, the index has an opening balance of 23480. In the first quarter, the price dropped to level 14055 in March. Immediately, the bulls buy the dips to resume an upward move but the uptrend was short-lived.

The uptrend was resisted at level 20000 in August. The price fell to level 18000 in October. The market moved up in November as a fresh uptrend resumed bullish momentum. The momentum was sustained as it broke resistance at level 20000. The uptrend is ongoing at the time of writing.

Italy 40 (ITA40) Price Predictions: Monthly Chart
The current uptrend in November was a vertical rally. The previous one was a sideways move below level 20000. The vertical rally has continued on the upside. The index is rising to retest the overhead resistance at level 24000.

Italy 40 (ITA40) Price Predictions: Weekly Chart
The index made two upward moves. The first uptrend tested the trend line above level 14000 but it was resisted at level 20000. The index fell to the support of the trend line. The second uptrend resumed breaking the resistance at level 20000.

Conclusion
In 2020, Italy 40 is in a sideways move below the overhead resistance at level 24000. It is unlikely if the current bullish momentum will upturn the overhead resistance. Since level 24000 has not been broken since 2015, it is assumed that the price levels will remain the same in 2021.



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