Italy 40 (ITA40) Reaches Oversold Region, May Resume Uptrend

Italy 40 (ITA40) Reaches Oversold Region, May Resume Uptrend

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

Italy 40 (ITA40) Long-term Trend: Ranging
Italy 40 is in a sideways move. The market is fluctuating between levels 19000 and 21000. Each time the price tests the resistance zone; the index will fall and resume the sideways move.

ITA40 – Daily Chart

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 49 of the Relative Strength Index. It indicates that the price is in the downtrend zone and above the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is resuming an upward move. A red candle body tested the 0.50 Fibonacci retracement level. It indicates that the index will reach the 2.0 Fibonacci extension level. In other words, the market will rise and reach level 20800.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above 20% range of the daily stochastic. The market is in the oversold region. Buyers will emerge to push the price upward. The SMAs are also sloping upward indicating the uptrend.

General Outlook for Italy 40 (ITA40)
Italy 40 is in a bullish momentum as the index is above 20% range of daily stochastic. According to the Fibonacci tool the index will reach level 2.0 Fibonacci retracement level. However, the index may face resistance at level 21000.




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