Last week we had emphasized 12 August as a date to pay attention to a potential trend shift – and the market played exactly in line. On that day, the index registered its weekly high, followed by a sharp downward movement, making it a crucial session for positional traders.
Price levels in action
The precision of our marked levels was again visible in the charts:
24,380 Support worked effectively, with the low formation of the week at 24,348.
24,650 Zone acted as a magnet on 12, 13 and 14 August, where the price repeatedly floats around it, which confirmed its meaning for the week.
Time clusters
The intraday time clusters also proved their value, making traders high-quality turning points:
August 11 (Mon): 9:20 am Layer, 2:50 PM High – Both fit together perfectly.
August 12 (Tue): 11:00 am Swing low formed, although no big reaction saw 1:30 pm.
August 13 (wo): 12.30 pm Swing Low, followed by a strong upward momentum until 2 p.m., near us projected at 1:30 PM Cluster.
August 14 (Thu): 10:20 am day high aligned precisely with our given time.
Again, these timings showed their precision for intraday traders who are looking for submissions and outputs with a high-quality.
Important useful levels forward
Traders must keep these zones in focus as decision points:
Support: 24.538 / 24,480 / 24,443 / 24,380 / 24,331 / 24.142
Resistance: 24,670 / 24,808 / 24,850 / 24,978 / 25,083 / 25.322
Viewing price promotion around these levels is crucial to gauge reversations or attach pimples.
High-reality time clusters (18-22 August)
Mon, August 18: 9:20 am, 11:00 am, 12:20 pm, 2.20 pm
Tue, August 19: 9:30 am, 1:45 pm, 2.30 pm
Wed, August 20: 1:30 pm
Thu, August 21: 10:45 am, 11.30 am, 2.30 pm
Fri, August 22: 9:25 am, 10:20 am, 11:35 am, 1:35 pm
Trade forest views: 18-22 August
The coming week could witness an increased momentum, with August 21-22 as very important dates. Traders must be prepared for the possibility of a meaningful reversal or trend shift around this window.
(The author is director, WealthView Analytics PVT Ltd. Sebi Registration – inh000009676)
(Disclaimer: recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of economic times.)
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