THE KOG REPORT In last week’s KOG Report we said we would be looking for price to support lower and then attempt the move higher monitoring the red box above which was active. It’s at that box we wanted to see a reaction, either a break or a RIP and as you can see, price did break upside hitting our daily and weekly targets as well as the red box targets.
So, what can we expect in the week ahead?
For the early part of the week we have the immediate support level at the 3870-65 region which lines up with the red box and is the level that needs to be broken to go lower. If we target this level in the early session and support, price may want to attempt a new all time high again, this time into the 3901 level and above that 3910-12. It’s that level of 3910-12 that needs to be monitored as a possibility of a RIP there can cause us to get a minor correction but as above, we need to break below 3865-70 to see a change in dynamic.
If we do break below that 3970 level and get a decent close, with a clear reversal, we can then look to target the lower levels 3855 and below that 3838 initially. I would like to see lower, but due to NFP this week instead of last week, we may continue to stretch upside or range up here before then getting a retracement into mean.
We’re going to leave it there and as usual we will update traders best we can during the week with the box targets and the analysis.
KOG’s bias for the week:
Bullish above 3840
Bearish on break of 3830
RED BOX TARGETS:
Break above 3890 for 3902, 3904, 3910, 3917, 3930 and 3933 in extension of the move
Break below 3868 for 3865, 3855, 3850, 3843, 3837 and 3830 in extension of the move
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As always, trade safe.
KOG
