KOG REPORT:

KOG Report:

In last week’s KOG Report, we said we would wait for price to find support and if it didn’t break the 1906-10 level we would be looking to long the market up into the extension level 1955-60 before waiting for a reaction in price. At that level we ideally wanted to see resistance in order to attempt the short trade back down, however, considering the volume on the long side we reverted to the bias and levels through the later part of the week which entailed long trades into 1990-2 where we got a minor tap and bounce before the close.

So, what can we expect in the week ahead?

Again this week we would like to see how the market opens and how the price reacts to the lower support regions 1975 and below that 1968. Based on these levels holding price we have potential now to attack and break open the 2000 level with the first target region of 2015 to the upside.

On the flip, breaking below the 1968 price level aggressively, should give us an opportunity to then find resistance and short the market back down in to the first level of order region 1950-55 where price will need to stay above to attempt higher pricing.

The key level here for the early sessions is 1997-99, if defended, as shown on the chart, we should see some form of pullback into the lower regions.

KOG’s bias for the week:

Bullish above 1970 with targets above 1999 and above the 2015

Bearish on break of 1970 with targets below 1955 and below that 1937

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As always, trade safe.

KOG