THE KOG REPORT
In last weeks KOG Report we said we would look for price to hold that lower region and then attempt the incline into the higher defence where we expected a RIP. That move completed successfully giving our traders not only the opportunity to long but to capture the retracement as well. We then said we would stick with the plan and aim for the target on the break which we completed on Friday to close off.
It was a 100% week in Camelot, every target hit to the pip including another successful red box and hot spot week.
So, what can we expect in the week ahead?
With news over the weekend, we could gap again on the open like last week. Thankfully, none of our traders gap chase unless we see a clear sign, so please remember that again this week. We have the bias level 4520 which is the level that needs to break open to then target the 4555-8 region where one of our targets is sitting. Below we have support initially at the 4404 bias level but below that 4485.
The ideal scenario here is a pull back into the 4485-75 region and for price to hold! Above we have a key level 4420, that would be the first target and hurdle. Based on these levels we could see this become the potential range, so please play caution.
Our level of interest this week stands at the 4440-35 which will be the bullish above bias and the potential level for price to attempt being 4465.
RED BOX BIAS:
Break above 4520
Break below 4504
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As always, trade safe.
KOG