THE KOG REPORT - Update

End of day update from us here at KOG:


Yesterday we longed up into the order region and then shorted from the RIP, protecting our trades overnight and taking partials. We suggested two levels to long or short from but said breaking above will take us into the 2370-75 region. The move happened early session so didn't give us the chance to capture it, instead closing us out at BE after taking partial profits and stretching traders with no risk model in the opposite way. We mentioned tap and bounces were likely and gave that level 2370-75 order region, which did give us a small short trade but that was it for the day.

So, what now?

It's late session, resistance is above at the 2372 level which needs to hold down price while support has been tapped at the 2355 level and given the bounce. A break above now and a late session move will take us into the 2380-85 region for the close, so please play caution on the markets. If we can form another short term swing here, we should break below 2355.

Either way, too late in the session for us to get involved so we'll be back on Sunday with the KOG Report and our view for the week ahead.

As always, trade safe.

KOG