Important Levels for 22/08/2022.
The sellers look to have taken firm control in one day of selling, but market does like to spring surprises. 17920-17980 is a strong seller reference area and likely to see another round of selling when we reach these zones again.
The closest selling area is from 17780-17823 but to be on the safer side longs should be avoided till we see a 15 min candle close above 17860 as per OFA. Any pullback to these reference zone can be used to enter shorts with SL of 20-30 points with initial targets of 17715 and trailed for targets of 17690,17645 and 17620. In case if we don't see any pull back frsh shorts can be taken if price sustains below 17690 for targets of 17645 and 17620.
In case of big gap down, it will be wise to wait for pullbacks or VA to be formed before taking any kind of positions.
The sellers look to have taken firm control in one day of selling, but market does like to spring surprises. 17920-17980 is a strong seller reference area and likely to see another round of selling when we reach these zones again.
The closest selling area is from 17780-17823 but to be on the safer side longs should be avoided till we see a 15 min candle close above 17860 as per OFA. Any pullback to these reference zone can be used to enter shorts with SL of 20-30 points with initial targets of 17715 and trailed for targets of 17690,17645 and 17620. In case if we don't see any pull back frsh shorts can be taken if price sustains below 17690 for targets of 17645 and 17620.
In case of big gap down, it will be wise to wait for pullbacks or VA to be formed before taking any kind of positions.