Global stock markets are in freefall mode today. The major European indices started the day with significant bearish gaps. The Italian index opened 3.5% lower today and remained under pressure throughout the session. From a technical point of view, the index is trading near key support zone. The area at 23300 pts is marked with a lower limit of Overbalance structure as well as previous price reactions. It is also strengthened by 100-period moving average (red line). It could be a good place to start recovery but traders should keep in mind that breaking below 23300 pts would shift long-term trend to bearish.
ITA40 D1 interval. Source: xStation5
