Italy's daily COVID-19 cases hit new record high

Italian stocks dropped almost 1% during the early trading hours, extending yesterday’s sharp losses, after government decided to impose a curfew in Rome and the nearby region. The new restrictions will apply from midnight to 5:00 am starting on Friday 23 October. This decision was due by the rapidly growing number of new cases. On Wednesday, Italy reported new record number of 15,199 coronavirus infections. A previous record of 11,705 cases was recorded on Sunday.

Spread of the COVID-19 continues to accelerate in Europe. Yesterday Italy reported over 15k new coronavirus cases. This is the highest daily count since the pandemic started. Source: Worldometers

ITA40 – index managed to erase some of the early losses and is currently testing the major support at 18,910 pts. Should sellers manage to break below it, a downward impulse towards 18,237 could be launched. However in case buyers manage to halt decline here, the nearest resistance lies at the downward trendline which is additionally strengthened by 50 SMA (green line) and 200 SMA (red line). Source: xStation5

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