THE KOG REPORT -CPIQuick update on the charts pre-event.
We'll keep it simple as for this, there is likely to be a lot of volume entering the markets on the release, and the movement can be extreme. A lot of traders are expecting this to pullback, and they may get the move, however, they could surprise everyone and continue this move to the upside before then bringing it down.
We have added our basic intra-day levels as well as the hots spots on the chart. We'll be looking for RIPs at the levels.
Immediate support stands at 2340 and below that 2320 which is our bias level, which if broken you can see where they can take the price. That's where we feel opportunities will present themselves to long the market.
Immediate resistance stands at 2380-5 and above that 2390-5, if broken, you can see where they can take the price before any attempt on the pullback short!
We'll stick with extreme levels, or, wait for the move to finish before we get involved. No need to throw ego's into calling the move this time as this one is an important one!
As always, trade safe.
KOG
