Welcome to the KOG report for the week ahead.
In last weeks KOG report we said we would like to see some more selling over the week, we illustrated the potential 4H channel and mapped out what we would like to see happen. As we said, we had seen selling in the early sessions then support and then more selling on Friday, nearly exactly from the trend line resistance above. The channel worked well as well as the trend line and support area below.
So what can we expect in the week ahead?
We’re going to focus on the Daily chart for today. We can see we have the range with resistance at the 1830-35 level and support around the 1750 level. We have a IHS on the daily which looks to be complete with a strong rejection on Friday bringing us back down below the 1800 level. This rejection we feel is only temporary and we’re expecting an attempt to wick fill at some point!
We’ve tried to illustrate as best as we can what we feel the movement can be for the coming week. We’ll be looking for the market to open and potentially test that high of 1800 again, we have an Excalibur target above 1810 so we want to see the market come back down to form some support, either at the 1780-85 level or below that 1770-75. Breaking the 1770 level will lead the price to again target that key 1750 level which is shown on the chart. All the mentioned support levels we feel would represent opportunities to long the market targeting that 1810-15 level again. Please keep in mind, if the daily closes above 1805 and that turns into support we are most likely going to see a test of the triple top around 1830-35. We have also illustrated this on the chart as a potential level to short the market. There will be a lot of stop above that level as well as break even traders, so if we do go that high its very likely it will want to seek liquidity!
We’ll be keeping a close eye on our smaller time frame charts and will share more frequently this week as we want to see how this opens and what Excalibur suggests!
Below is the 4H chart, we've added this so you can see the trend and the levels.
As always, trade safe.
KOG
In last weeks KOG report we said we would like to see some more selling over the week, we illustrated the potential 4H channel and mapped out what we would like to see happen. As we said, we had seen selling in the early sessions then support and then more selling on Friday, nearly exactly from the trend line resistance above. The channel worked well as well as the trend line and support area below.
So what can we expect in the week ahead?
We’re going to focus on the Daily chart for today. We can see we have the range with resistance at the 1830-35 level and support around the 1750 level. We have a IHS on the daily which looks to be complete with a strong rejection on Friday bringing us back down below the 1800 level. This rejection we feel is only temporary and we’re expecting an attempt to wick fill at some point!
We’ve tried to illustrate as best as we can what we feel the movement can be for the coming week. We’ll be looking for the market to open and potentially test that high of 1800 again, we have an Excalibur target above 1810 so we want to see the market come back down to form some support, either at the 1780-85 level or below that 1770-75. Breaking the 1770 level will lead the price to again target that key 1750 level which is shown on the chart. All the mentioned support levels we feel would represent opportunities to long the market targeting that 1810-15 level again. Please keep in mind, if the daily closes above 1805 and that turns into support we are most likely going to see a test of the triple top around 1830-35. We have also illustrated this on the chart as a potential level to short the market. There will be a lot of stop above that level as well as break even traders, so if we do go that high its very likely it will want to seek liquidity!
We’ll be keeping a close eye on our smaller time frame charts and will share more frequently this week as we want to see how this opens and what Excalibur suggests!
Below is the 4H chart, we've added this so you can see the trend and the levels.
As always, trade safe.
KOG
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🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: www.instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
