IT index is very bearish and has broken many critical levels
Broken 20MA and 50MA in Day chart levels last week
It broke 20MA level in Weekly chart today - But still have to wait and see if the close of the candle is well below the 20MA level. Fed meeting results will have a major influence.
Support levels:
1. 34500 - Support level + Trendline support
2. 32900 - 200MA level in Day chart + Floor of the channel
3. 31000 - 50MA level in Weekly chart + Fibonacci level
4. 29250 - Strong support level
Broken 20MA and 50MA in Day chart levels last week
It broke 20MA level in Weekly chart today - But still have to wait and see if the close of the candle is well below the 20MA level. Fed meeting results will have a major influence.
Support levels:
1. 34500 - Support level + Trendline support
2. 32900 - 200MA level in Day chart + Floor of the channel
3. 31000 - 50MA level in Weekly chart + Fibonacci level
4. 29250 - Strong support level
Trade attivo:
First target reached.
Since Mar 2020 fall, IT didnt see the regular 38% correction. It is trading in a 2Y uptrend channel. And currently at a very strong support level. There are multiple support taken at this level in the past 5 months. But today, the support level is also the floor of the channel which is a very crucial point. Only a strong news can make a move from here, upside or downside.
Since Mar 2020 fall, IT didnt see the regular 38% correction. It is trading in a 2Y uptrend channel. And currently at a very strong support level. There are multiple support taken at this level in the past 5 months. But today, the support level is also the floor of the channel which is a very crucial point. Only a strong news can make a move from here, upside or downside.