Italy 40 (ITA40) Resumes Uptrend Targets Level 20875

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

Italy 40 (ITA40) Long-term Trend: Bullish
Italy 40 is in a sideways move. The market has fluctuated between levels 19000 and 21000. The price is rising to retest  the resistance level. The resistance level has not been broken since June.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. It indicates the upward movement of the index. The market has risen to level 57 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: Bullish
On the 4- hour chart, the index is resuming an upward move. The price is approaching a high  of 20200. 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 20875.

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

General Outlook for Italy 40 (ITA40)
Italy 40 has resumed uptrend as the market reaches a new high. 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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