Italy 40 (ITA40) Price Turns Down, May Likely Move Up

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RESULTS

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

Italy 40 (ITA40) Long-term Trend: Bearish
Italy 40 is still in a downtrend as the market reaches a low of 15283. The strong bearish signal has made the index to be in the oversold region. By default, buyers are to emerge to push the index upward. The downtrend was very powerful as it broke the trend line. The bears have difficulty in penetrating the 22000 and 18000 support but pulled through after much effort. It is not clear if the downtrend has subsided as there are some bullish signals.

Daily Chart Indicators Reading:
The index fell below a 20% range of the daily stochastic. Also, the stochastic bands are ranging as a result of a long period of oversold nature. The implication is that selling pressure should have been exhausted. However, in a strong trend, the oversold and overbought nature does not hold. The index is in a strong bearish momentum.

Italy 40 (ITA40) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a descending channel. The index is a downward move as the price falls to the low of 14000 and it resumes consolidation. After consolidation, the downward move may likely continue.

4-hour Chart Indicators Reading
Italy 40 is currently at level 41 of the Relative Strength Index period 14. The index is likely to fall as it is below the centerline 50. Also, the 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.

General Outlook for Italy 40 (ITA40)
The index is consolidating above 14000 for a possible downward move. The bearish trend is so powerful has it does not respect the oversold condition of the market. Since the index was oversold, buyers are yet to emerge to push the index upward.

Instrument: Italy 40 (ITA40)
Order: Sell
Entry price: 15283
Stop: 16000
Target: 15083

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