Important levels for 17/10/2022.
We are most likely seeing a gap down open. We need to be patient for the first few minutes and see whether the buyers come in to defend positions or sellers gain control.
For longs, i would prefer to take positions above 17225 for targets of 17285-17315 the seller zone from last session, price sustaining above it can see PDH levels also (17345-17362).
Will look to short only if the price faces rejection at 17175 levels else wont look to short.
Another round of buying can be witnessed if we see good volumes coming in at the old buyer reference of 16970-16995.
We are most likely seeing a gap down open. We need to be patient for the first few minutes and see whether the buyers come in to defend positions or sellers gain control.
For longs, i would prefer to take positions above 17225 for targets of 17285-17315 the seller zone from last session, price sustaining above it can see PDH levels also (17345-17362).
Will look to short only if the price faces rejection at 17175 levels else wont look to short.
Another round of buying can be witnessed if we see good volumes coming in at the old buyer reference of 16970-16995.