THE KOG REPORT - Update

4 июл.

End of day update from us here at KOG:

Yesterday we said we would be looking for price to attempt the lower support region, and if held we were likely to see more upside movement. The plan worked well, but due to the lack of volume the move wasn't that big a move, it did however give us a good long trade hitting our target late this afternoon.

Now we have resistance above 2360, which if held should give us another attempt at support 2350 and below that 2345 in extension of the move. It's this 2345 level that needs to break for us to complete the move otherwise tomorrow we could see NFP swing us high again. Tomorrow it's only the early session that's worth risking, otherwise best to leave this alone now until NFP is done and dusted. The trade always comes after the event!

Pre-event price action should entail MA's on the smaller TF's being drawn together, and in this scenario, they're all below, so definitely not worth going long here. We have boxed the potential range pre-event.

We'll be back tomorrow with the NFP KOG Report and our view for the release.

As always, trade safe.

KOG