THE KOG REPORTTHE KOG REPORT
In last week’s KOG Report we said we would be looking for price to test that 3550-55 region and hopefully get a rejection there taking us downside into the lower levels and targets. This move worked well, although we got 3358 it completed into the red box defence. It’s at that defence level and the one below that we said opportunities to long may arise, which as you can see they did.
We then released the back test and report for Jackson hole mid-week. In this report we said we would be looking for a test on the low, and as long as it held we should see price push upside into the red box target levels. Again, a point to point, level to level move on this report hitting that target to a tee on the close!
So, what can we expect in the week ahead?
For this week we’re going to stick with the Jackson Hole report for the first couple of days of the week.
As you can see from last week the low held us well and the move completed into the red box that we wanted. We did have a arrow down here suggesting a short, and there was a reaction from this point, however, it’s a new week now so we’ll play price up here.
We have resistance above at the 3385-90 level with support below at the 3365-70 level. These are the levels that need to be watched hence we’ve put a range box on the chart. What we’re looking for here is price to attempt to play between the red boxes and inside this range due to there being now news in the early part of the week.
If we break above and support 3370, we’re likely to see this attempt the break of 3400 but the first destination is only slightly above 3420-25. A break below and we would hope to see price correct the whole move from Jackson Hole before then again attempting to rise, which for us is the ideal scenario here.
What we want traders to understand is that although we saw volume for Jackson Hole, we’re still playing the same range we’ve been in for the last two months. Price is simply in one huge accumulation before a bigger breakout!
That’s all for this report, as always, we’ll update as we go along through the week.
RED BOX TARGETS:
Break above 3375 for 3378, 3383, 3385, 3388 and 3392 in extension of the move
Break below 3365 for 3355, 3351, 3345 and 3335 in extension of the move
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As always, trade safe.
KOG
