THE KOG REPORT - Update

End of day update from us here at KOG:

Yesterday we suggested caution on the markets as the accumulation was lining up for a breakout so we gave the levels for the extension of the move into the 2330 region. In Camelot we highlighted the move into the 2338 order region where we anticipated the move to long and then the RIP from that level giving the reverse trade. The breakout, although not huge, gave the move into the level where we got the RIP for a slight move down so far.

So, what now?

We would like to see how this reaction point handles price, so we're expecting a retest on the level at some point in the coming session. For that reason, we have highlighted two hotspots on the chart, which are levels to look for price to attempt. If we can stay below that order region above, we're happy to continue with the plan to short this much lower. However, breaking above that level will change the structure taking us back above towards the 2370-75 region. We need a nice clean reversal here to confirm but for now we've taken what we wanted.

Support levels - 2320 / 2317

Resistance levels - 2335 / 2340

As always, trade safe.

KOG