Italy 40 (ITA40) Resumes Uptrend, Battles Resistance at Level 19600

Italy 40 (ITA40) Resumes Uptrend, Battles Resistance at Level 19600

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

Italy 40 (ITA40) Long-term Trend: Bullish
The index is rising and in an uptrend. A correction candle body tested the Fibonacci 0.50 retracement level. This indicates that the index will rise and reach the 2.0 extension level. The trend is likely to continue after the target price.

ITA40 – Daily Chart

Daily Chart Indicators Reading:

The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The market has risen to level 53 of the Relative Strength Index. It indicates that the index is in the uptrend zone. It is also above the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Ranging
On the 4- hour chart, the index is a sideways move. The market is on a downward move after retesting level 19600. Presently price fluctuates between levels 19000 and 19600. The downtrend has reached a low of 19295 and it is approaching the low of 19000.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below 80% range of the daily stochastic. It is previously in the overbought region of the market but now the price is falling. Italy 40 is in a bearish momentum. The SMAs are also sloping upward indicating the upward move. The retracement fell to the support of the 21-day SMA.

General Outlook for Italy 40 (ITA40)
Italy 40 is currently resuming a fresh uptrend but battles resistance at level 19600. In the meantime, price fluctuates between level 19000 and 19600. The uptrend will resume when price breaks level 19600. In the meantime a sell order will do.

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