Italy 40 (ITA40) Reaches Level 21000, Faces Selling Pressure

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

Italy 40 (ITA40) Long-term Trend: Bearish
Italy 40 is in a downward move. It is falling after rejection at level 21000. A correction candle body tested the 0.50 Fibonacci retracement level. It indicates that the index will reach a low of 2.0 extension level. In other words, the market will reach the low of level 16625.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. It indicates that the upward movement of the index. The market has risen to level 65 of the Relative Strength Index. It indicates that the price is in the uptrend zone and above the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Bearish
On the 4- hour chart, the index is in an downtrend. The index is presently retracing to level 16625.  The market has already reached the overbought region. In the meantime, prices are on a downward move.

4-hour Chart Indicators Reading
The index is above 80% range of the daily stochastic. The market is in the overbought region. Sellers have emerged to push prices down. The SMAs are also sloping upward indicating the uptrend.


General Outlook for Italy 40 (ITA40)
Italy 40 is an downward move . The index is currently facing resistance at level 21000. The market is on a downward move. It is expected to reach the low of 2.0 Fibonacci extension level.



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