THE KOG REPORT - Update

End of day update from us here at KOG:

Yesterday we want price to give us a bounce so we could get better entries to the short it again, however, as you can see we continued downside from the open.

Earlier today we activated a price target for the short, but the bias level gave us a bullish target of 2370 of which we achieved 2369.8 before a rejection for the short into the lower target levels and hotspots. Not a bad day but not clean if I'm to be honest.

So, what now?

We have the lower support levels 2335-30 with extension into 2325-7, which if held could give buyers the RIP they are waiting for up into the resistance levels of 2350-55 and above that 2365. We've plotted the move we're looking for to ideally long or to short it again for the lower pricing we're currently targeting.

We've caught the top but don't think we're ready to bottom out yet, so lets see how we close the day and the week.

As always, trade safe.

KOG

Comment:

Extension level 2325-7 held well giving us the long trade upside currently running. First hurdle is 2345 which needs to break upside for us to see 2355. Too low to short, a retracement into the order region will be ideal.