THE KOG REPORT - Update (Short target level complete)

End of day update from us here at KOG:

In yesterdays' report we said we would be looking for resistance to hold down the price, and if it did we would want to short into the order region below which was highlighted on the chart. We then suggested monitoring the order region for a reversal and there being an opportunity to long from there. The short worked almost pip to pip into the level we wanted, completing our Excalibur target levels in Camelot, then came the tap and bounce which we said we'll treat as level to level in the update. Again, worked well.

So, what now?

Support stands here at the 2330-35 region and with news on the horizon we would hope to see this find it's way back up towards the resistance level where we may settle until tomorrow. Resistance now is the 2345 region which will need to hold down price with the extension of the move into 2350, which will still be within the structure.

As always, trade safe.

KOG