Italy 40 (ITA40) Rallies to Level 23500, Faces Rejection at the Recent High

Italy 40 (ITA40) Rallies to Level 23500, Faces Rejection at the Recent High

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

Italy 40 (ITA40) Long-term Trend: Bullish
Italy 40 is in an uptrend. The index has risen to level 23500. However, the bulls could sustain the upward move as the index faces rejection at level 23500. The price is retracing on the downside.

ITA40 – Daily Chart

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 63 of the Relative Strength Index period 14. It indicates that Italy 40 is in an uptrend and it is approaching the overbought region.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. On February 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Index will rise to level 1.618 Fibonacci extension level or the high of 23837.

ITA40 – 2 Hour chart

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

General Outlook for Italy 40 (ITA40)
Italy 40 is presently in an upward move to retest level 23500. ITA40 is falling after rejection from the recent high. According to the Fibonacci tool, the Index will rise to level 1.618 Fibonacci extension level or the high of level 23837.



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Author : Azeez Mustapha

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