THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report we said we would stick with the NFP move and look for price to continue long looking for our target region 3050-55. We were already in the move with the trades protected, however, on open we did get closed at BE only to be able to get a better entry from the undercut low. After the break of the key level and on the flip we managed to then continue with the move upside completing numerous Excalibur targets as well as our bias and red box targets upside.
I can’t say that was an easy week, the move was huge and thankfully we managed to stay the right side of it guided by the in-house indi’s and Excalibur.
So, what can we expect in the week ahead?
Although further upside is likely, we can’t long here as it’s too dangerous after that stretch last week. So let’s see how the market opens and if the Asia session attempts to test that high again. It’s the first level of 3230 that needs to be watched, support here can push us back upside into the above the key level of 3250-55 which is our ideal level for the hunt. If we can stay below that level we could see a RIP and price attempt the correction many traders are looking for in the early part of the week. The lower levels 3220 need to break as well as then the hurdle of 3210 which will make the correction easier.
Due to low volume news next week, we could see a lot of ranging in anticipation of some geopolitical news which will bring sudden spurts of volume and the movement that we want to see.
3190 is the key level support and also the pattern test region, traders should keep an eye on this level of support for any RIP’s and potential for upside, so if attacked a bounce around there should be on the cards. It’s simply a red box break and close week this week, monitoring the price action and only looking for the longs if we get pullbacks, otherwise, 1-2 decent short opportunities should be enough for the short week.
KOG’s bias of the week:
Bearish below 3265 with targets below 3220, 3210. 3197, 3190 and below that 3170
Bullish on break of 3265 with targets above 3276, 3280, 3285 and above that 3292
RED BOXES:
Break above 3250 for 3255, 3261, 3269, 3275 and 3290 in extension of the move
Break below 3230 for 3220, 3210, 3206, 3195 and 3180 in extension of the move
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As always, trade safe.
KOG
