2011 11 03 Migbank Daily Technical Analysis Report

8/3/2019 2011 11 03 Migbank Daily Technical Analysis Report

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MIG BANK / Forex Broker14, rte des Gouttes dOr CH-2008 Neuchtel Switzerland

Tel +41 32 722 81 00 Fax +41 32 722 81 01 [email protected] www.migbank.com

Please note: None of the strategies below represent trading advice or trading recommendations of any kind. Please refer to our full disclaimer.

WINNER BEST SPECIALIST RESEARCH

MA

S-TERMMULTI-DAY

L-TERMMULTI-WEEK

STRATEGY/POSITION

ENTRYLEVEL

OBJECTIVES/COMMENTS STOP

EUR/USD SHORT 1 1.3950 Lowered to 1.3140 (Entered 01/11/2011) 1.3840GBP/USD Buy limit 3 1.5840 1.5940/1.6153/1.6400 1.5740USD/JPY LONG 3 78.20 80.05/82.00/83.30 (Entered 01/11/2011) 76.50USD/CHF Sell limit 3 0.9015 0.8900/0.8550/0.8250 0.9130USD/CAD LONG 3 1.0050 1.0270/1.0660/1.0850 (Entered 01/11/2011) 1.0090AUD/USD SHORT 2 1.0570 1.0010/0.9710 (Entered 01/11/2011) 1.0570GBP/JPY Buy limit 3 122.70 124.10/126.00/127.32 121.30EUR/JPY Await fresh signal, with a mild bearish bias.EUR/GBP Look to sell.EUR/CHF Possibly looking to sell for a break under 1.2000.GOLD SHORT 3 1710 1600/1530/1300 (Entered 01/11/2011) 1760SILVER SHORT 3 34.1300 29.9700/26.0700/23.3400 (Entered 01/11/2011) 35.6880

DISCLAIMER &DISCLOSURESPlease read the disclaimer and thedisclosures which can be found atthe end of this report

DAILY TECHNICAL REPORT03 November, 2011

Ron William, CMT, MSTA

Bijoy Kar, CFA

Notes: Entries are in 3 units and objectives are at 3 separate levels where 1 unit will be exited. When the first objective (PT 1) has been h it the stop will be moved to the entry

point for a near risk-free trade. When the second objective (PT 2) has been hit the stop will be moved to PT 1 locking in mo re profit. All orders are valid until the next report is

published, or a trading strategy alert is sent between reports.


2/15

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Sharp reversal targets 1.3000.

Lowered Objective to 1.3140. EUR/USD has extended its sharp reversal

from key overhead resistance (primarily an important 2 year trend-line). The

dramatic move has confirmed the emotionally charged bull-trap that we had

anticipated, which had been driven by recent positive EU News.

Key support is now holding at 1.3653 (18th Oct low). A sustained

confirmation beneath here will unlock further downside scope into 1.3146

(Oct swing low) and that all-important psychological level at 1.3000.

Further pressure is also weighing from broad risk-related proxies. The euro

currently shares a high correlation of 0.85% with the S&P500 which is now

falling sharply from its recent multi-week highs.

Inversely, USD Index has turned back higher above its long-term 200-day

MA. The bulls are likely to recapture the recent 6-month highs near 80.

Speculative (net long) liquidity flows are holding steady around their recent

spike highs (3 standard deviations from the yearly average). This will likely

remain strong and help resume the USDs major bull-run from its historic

oversold extremes (momentum, sentiment and liquidity).

Special Report:EUR/USD A Fall From Grace ? Decline Targets 1.3770/1.3410. VIDEO

MIG Bank Webinar: Why the US dollar is likely to gain up to 30% in 6-12 months.

MIG Bank US Dollar Interview on Bloomberg

S-T TREND L-T TREND STRATEGY

SHORT 1: 1.3950, Objs: Lowered to 1.3140, Stop: 1.3840

EUR/USD

Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454

EUR/USD

EUR/USD daily chart, Bloomberg Finance LP

USD Index daily, weekly chart and COT Liquidity, Bloomberg Finance LP

BERMUDATRIANGLE FAILED

BREAKOUTS

UPTREND(2 YEARS)

EUR/USD (Daily)

BREAKOUTZONE

(1.4000)

SHARP REVERSALAT KEY RESISTANCE

TARGETS 1.3000 & 1.2870

+

-

USD INDEX(4 YEARS)

DEMARKBUY SIGNAL

+27% +19%

TRIGGER(15000)

COT LIQUIDITY

+10%SO FAR

3 STD ABOVEONE YEARAVERAGE

EXTREME NETUS $ SHORTPOSITIONS

KEY SUPPORT(73.50-73.00)

13

USD INDEX

200-DMA(75.73)

DEMARKBUY SIGNALS

BREAKOUT ZONE

EUR 57.6%, JPY 13.6%, GBP 11.9%CAD 9.1%, SEK 4.2%, CHF 3.6%

6 MONTHHIGH
http://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.youtube.com/watch?v=8JxLscMBUHY&feature=player_embeddedhttp://www.youtube.com/watch?v=8JxLscMBUHY&feature=player_embeddedhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.bloomberg.com/video/75644864/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.bloomberg.com/video/75644864/http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.youtube.com/watch?v=8JxLscMBUHY&feature=player_embeddedhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdf


3/15

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A further leg higher is favoured, towards 1.6167.

A break back over the 1.6167 high would lead us to remove the strategy

below from the report.

GBP/USD has seen a break back under the key low at 1.5890, thus scope is

seen for further short-term weakness towards our target zone near 1.5840,

where a higher low is favoured to form.

We remain wary of the general range bound nature of this market in the

medium-term and note that short-term structure is suggestive of further

gains, back towards 1.6167.

While above 1.5632 further strength is favoured. However, if this region

fails to contain the current corrective phase, then the bias will turn negative

again.

GBP/USD has already experienced a large devaluation versus the US

Dollar, therefore any strengthening in the US Dollar may not see the full

participation of GBP/USD. Instead GBP/USD is favoured to remain stronger

than most.


Buy limit 3 at 1.5840, Objs: 1.5940/1.6153/1.6400, Stop: 1.5740.

GBP/USD

Bijoy Kar, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 424

GBP/USD hourly chart, Bloomberg Finance LP

GBP/USD daily chart, Bloomberg Finance LP
mailto:[email protected]:[email protected]:[email protected]:[email protected]


4/15

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USD/JPY intervention favours test of 80.00.

USD/JPYs latest intervention by the BOJ favours a test of that all-important

psychological level at 80.00. This marks the BOJs third time to officially

intervene on the rate this year, after it carved out yet another new post WWIIrecord low at 75.35.

Multiple DeMark buy signals were also triggered within the multi-week base

pattern which has now broken higher (as had been expected by our low

volatility measures).

The medium/long-term view is more bullish, favouring a sustained move

above our initial upside trigger level at 80.00, near 80.24 (post BOJ

intervention II high).

Keep in mind that such a scenario would help reactivate the longer-term

technical bias, including prior monthly DeMark exhaustion signals, within

the ending diagonal pattern, which was part of a major Elliott Wave cycle.

Only a sustained weekly close below 76.25 will lead to a reassessment of

the view and extend temporary weakness into 74.55.

Please select the link below to sign up for our MIG Bank Part 2 webinar on USD/JPY.

This will feature an update to our previousSpecial Report

USD/JPYs Long-Term Structural Change (Thursday, November 03rd 16:00-16:45 GMT).

- What do long-term cycles tell us about the future of USD-JPY?

- How do event shocks and Central B ank Interventions impact the market?

- Safe-Haven Flows: A wave of change.

- High-Probability Trading Strategies.


LONG 3 at 78.20, Obj: 80.05/82.00/83.30, Stop: 76.50


USD/JPY

USD/JPY daily, weekly chart, Bloomberg Finance LP

83.30

USD/JPY(Daily

1 YEAR)

QUAKE

SHOCK!

POST INTERVENTIONRETRACEMENT (PIR I)

POSTG7

MOVE (I)HIGH

82.00

PIR II

80.24

POSTBOJ

MOVE (II)HIGH

DEMARK BUY SIGNAL AFTERNEW POST WWII LOW (75.35)

POSTBOJ

MOVE (III)HIGH

MONTHLY DEMARKBUYSIGNAL

USD/JPY Weekly(2007 2011)

ENDINGDIAGONAL

PATTERNBREAKOUT

TARGET(85-79)
http://www.migbank.com/research/howard/2011-03-29_migbank_daily-technical-analysis-report_trade-alert-update-on-USDJPY.pdfhttp://www.migbank.com/research/howard/2011-03-29_migbank_daily-technical-analysis-report_trade-alert-update-on-USDJPY.pdfhttp://www.migbank.com/research/howard/2011-03-29_migbank_daily-technical-analysis-report_trade-alert-update-on-USDJPY.pdfhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=25d5c6f4-3d8e-4519-8025-f641af50aaf9http://www.fxstreet.com/webinars/sessions/session.aspx?id=25d5c6f4-3d8e-4519-8025-f641af50aaf9mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.fxstreet.com/webinars/sessions/session.aspx?id=25d5c6f4-3d8e-4519-8025-f641af50aaf9http://www.migbank.com/research/howard/2011-03-29_migbank_daily-technical-analysis-report_trade-alert-update-on-USDJPY.pdf


5/15

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Resistance expected close to 61.8% retrace.

Long position stopped for profit at 0.8800. Look to sell.

USD/CHF continues to edge higher after meeting the stop profit level at

0.8800. Scope is still seen for a further rise to test the 61.8% retrace of the0.9316-0.8568 fall, near 0.9000. However, a lower high would be favoured

to form in that region for a fresh resumption lower.

Potential is seen for a re-test of the region close to 0.8242 ahead of a

possible return to 0.9316. However, should EUR/CHF reach the 1.2000

level again, then movement in USD/CHF may be effected by the efforts of

the SNB to maintain the floor in EUR/CHF. Back under 0.7712 is required

to change the medium-term bullish bias.

A push back over 0.9083 will immediately open up a return towards therecent high at 0.9316.


Sell limit 3 at 0.9015, Objs: 0.8900/0.8550/0.8250, Stop: 0.9130.

USD/CHF hourly chart, Bloomberg Finance LP


USD/CHF

USD/CHF daily chart, Bloomberg Finance LP


6/15

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Bulls reverse higher from psychological 1.0000 level.

Raised stop above breakeven to 1.0090, thereby locking in profits and

ensuring a risk-free trade.

USD/CADs short-term price activity has turned positive, with the sharp

bullish reversal from the psychological 1.0000 level (prior trading range).

Positive momentum needs to push above 1.0264 and 1.0400 to rebuild the

potential major upside reversal higher above the old resistance level at

1.0673 (August high & Congestion zone).

Only a sustained close beneath here will unlock bearish setbacks into the

long-term 200-day MA at 0.9813 and 0.9726 (31st Aug low).

A strong directional confirmation above here will open a much larger

recovery into 1.0850 plus. This would extend the upside breakout from the

rates ending triangle pattern, which was part of a major Elliott Wave cycle.

EUR/CAD is extending above its 200-day MA, within a large multi-month

trading range. Key resistance continues to hold at 1.4379 (June swing high),

which has for some time marked a strong distribution pattern.

CHF/CAD is retesting its support nearby the 200-day MA at 1.1275,

following the dramatic price slide lower (triggered by the SNB intervention).

The cross-rate has now retraced more than half of its 2011 gains.


LONG 3: 1.0050, Objs:1.0270/1.0660/1.0850, Stop: 1.0090Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454

USD/CAD

USD/CAD daily, weekly chart, Bloomberg Finance LP

EUR/CAD and CHF/CAD daily chart, Bloomberg Finance LP

USD/CAD (Daily)

August High(1.0673)

200-DMA

(0.9815)

USD/CAD (Weekly)

CONFIRMATIONABOVE 1.0680

OPENS LARGERRECOVERY

DEMARKBUY SIGNAL

MAJOR RESISTANCE

50%(1.3570)

61.8%(1.3379)

EUR/CAD (Daily)

200-DMA(1.3833)

REVERSALPATTERN

CHF/CAD (Daily)

200-DMA1.1875

50%

(1.1488)

61.8%(1.0893)


7/15

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Sharp setbacks weigh.

Achieved PT1 and lowered stop to breakeven, thereby locking in profits and

ensuring a risk free trade.

AUD/USDs sharp setbacks continue to weigh. The move was triggered

from key resistance at 1.0765 (01st Sept high) and is now holding beneath

the 200-day MA (1.0411).

A sustained move below here is likely to mount downside pressure on the

rates multi-year uptrend.

The bears need to confirm beneath 1.0322 (26th Oct low) and 1.0188 (18th

Oct low). A break here will unlock sharp setbacks into 1.0000.

Elsewhere, the Aussie dollar remains stable against the New Zealand dollar.

The pair is still locked within its new bear cycle structure while it holds

beneath its 200-day MA. Key support can be found at 1.2320 and 1.2100.

The Aussie dollar has reversed gains against the Japanese yen and is now

trading back below the long-term 200-day MA which is currently at 83.11.

Near-term support continues to hold at 77.63 (18th Oct low). A break here

will resume downside scope into 76.70 and signal further unwinding of risk

appetite.


SHORT 2: 1.0570, Obj: 1.0010/0.9710, Stop: 1.0570

AUD/USD


AUD/USD daily, weekly chart, Bloomberg Finance LP

AUD/NZD and AUD/JPY daily chart, Bloomberg Finance LP

AUD/USD(Weekly)

38.2%

(0.9144)

50%(0.8546)

61.8%(0.7947)

3 YEARUPTRENDISUNDER

PRESSURE

STRUCTURALLEVEL

KEYZONE

AUD/USD(1 YEAR)

DEMARKSELLSIGNALS

200-DMA(1.0411)

200-DMACAPSBEARMKT

AUD/NZD(Daily)

KEY SUPPORT1.2319 / 1.2100

200-DMA

(83.12)

13

38.2%(76.70)

61.8%(68.47)

50%(72.58)

AUD/JPY(Daily)

DEMARKSELL SIGNAL

RESUMPTION OF

BREAKDOWNADDS TO

RISK AVERSION


8/15

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Support expected close to the platform near 122.38/65.

GBP/JPY has entered into a period of consolidation following the

intervention by the BOJ in USD/JPY at the start of the week. This has led to

a breach above the key 123.31 level, which now warns of a much larger

corrective phase higher. However, given the nature of the upside surge, a

return to the 122.65 region is favoured ahead of further strength.

Bigger picture a rise towards 129.00/130.00 is possible, given the daily

structure present since 116.84. A push back under 121.39 is needed to

negate this positive structure.

Assuming that further short-term strength can be realised, a lower high

would be anticipated close to 129.00, near the 200 day moving average

which is currently at 128.85. Thus the region between 129.00 and 130.00

would be attractive for renewed short positioning. In the meantime, a higher

low may form close to the old 122.38/65 ceiling, with a short-term swing

back into the 129.00-130.00 region in mind.


Buy limit 3 at 122.70, Objs: 124.10/126.00/127.32, Stop: 121.30

GBP/JPY

GBP/JPY daily chart, Bloomberg Finance LP


GBP/JPY hourly chart, Bloomberg Finance LP


9/15

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Possible symmetric correction complete at 111.60.

EUR/JPY has seen a significant break higher out of a falling channel,

leaving a false break lower at 100.76, in the daily timeframe. However, we

also note that the rise to 111.60 may eqaute to the completion of a

symmetric correction from 100.76, thus warning of a return to weakness.

Further price action needs to be monitored to try to determine a near-term

bias, with the current stance being neutral.

Should the region near 112.50 be met a lower high would be favoured to

form in that region, close to the 200 day moving average, currently at

112.62.

A sustained hold over the 200 day moving average will turn the outlook

bullish. In the meantime a mild bearish bias remains in place.


Await fresh signal, with a mild bearish bias.

EUR/JPY hourly chart, Bloomberg Finance LP


EUR/JPY daily chart, Bloomberg Finance LP

EUR/JPY


10/15

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Break under 0.8530/31 favoured.

EUR/GBP saw a push back under 0.8670 in recent trade which now likely

leaves a lower high at 0.8831, very close to the region in which we expected

weakness to manifest, near the old double top at 0.8886/85.

The bias remains mildly bearish, although trade location remains poor with a

return back towards 0.8831 still possible, which would offer better trade

location. Alternatively, we await a clear break under the 0.8530/31 double

bottom to realise a breakout from the 0.8530-0.8886 trading range, with this

being our favoured scenario.

Also a break under 0.8530/31 will likely end the general range bound trade

that we have witnessed thus far, with scope then for a return back down to

0.8068 over time. In fact, should stresses in the Euro Zone intensify then it

is possible that Sterling may gain safe haven status.

A move back over 0.8960 is required to neutralise our mild bearish bias, in a

generally rangebound environment.


Look to sell.

EUR/GBP hourly chart, Bloomberg Finance LP

EUR/GBP daily chart, Bloomberg Finance LP

EUR/GBP



11/15

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Weakness favoured to test 1.1973.

EUR/CHF continues to edge lower with scope now for a re-test of 1.2100.

Provided weakness continues in the Italian government bond market it is

anticipated that a move back towards 1.2024 could be realised. Failure to

hold within the confines of the earlier hourly rising channel also warns of a

return towards the key high near 1.1973, close to the 1.2000 floor in

EUR/CHF.

Should a re-test of the 1.2000 region take place with a fall under 1.1973 also

following, this would warn of the end of the recovery seen since 1.0075,

increasing the probability of a return to this level.

This brings back into focus the 1.2500 1.3000 zone where resistance was

always anticipated. Also noted is the failure to maintain trade above the 200

day moving average.

Focus still remains on the Italian government bond market, with 10 year

yields there maintaining the break over 6%. Time will tell whether or not the

SNB will be able to hold back the possible flow of funds into Swiss Francs

that may occur if further stresses lead to yet higher yields in Italian

government bonds.

S-T TREND L-T TREND

Possibly looking to sell for a break back under 1.2000.

EUR/CHF daily chart, Bloomberg Finance LP

EUR/CHF

EUR/CHF hourly chart, Bloomberg Finance LP



12/15

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Risk of a larger decline beneath $1530.

Gold remains bearish after its dramatic 20% price fall, which helped confirm

the extreme overbought conditions (marked by DeMark indicators). This

also timed a key cycle peak, ahead of that all-important $2000 glass-ceiling.

Most concerning is that speculative (net long) flows have recently breached

a key downside level which may threaten over 2 years of sizeable long gold

positions.

In price terms, Golds latest 20% bearish slide is still worth less than the

largest average drawdown measured since the start of the yellow metals

long-term bull market in 1999.

There is heightened risk of a much larger decline if we confirm a weekly

close beneath $1600 and $1554-30 (200-day MA/swing low), which has notbeen breached in 3 years!

A number of bargain hunting trend-followers will be watching this

benchmark line in the sand for repeat support or a potential big squeeze

lower into $1300 and perhaps even $1040-1000. Remember, this would still

offer a unique buying opportunity in the near future.

Please select links for in-depth Gold coverage:

Special ReportGolds mountainous peak at riskbeneath $1600 VIDEO

Bloomberg Countdown CNBC Squawk Box MIG Bank Gold Webinar video(BLOOMBERG&CNBCREPORTS)


SHORT 3: 1710, Obj: 1600/1530/1300, Stop: 1760

GOLD

Gold weekly, daily chart and COT Liquidity, Bloomberg Finance LP


TRENDCHANNEL(12 YEARS)

I

RISK ZONE III

CONFIRMATION BELOW $1530

UNLOCKS LARGER DECLINEINTO $1300 & $1040-1000

26%

34%

20%SO FAR

25%

II

COT NET LONGSPECULATORPOSITIONS

OVER 2 YEARS OFSIZEABLE LONG

GOLD POSITIONSUNDER THREAT

IF KEY LEVEL BREAKS

200-DMANOT BROKENIN 3 YEARS!

DEMARK SIGNALWARNED OF GOLDSOVERBOUGHTCONDITIONS

BREAKOUT

$1704

$1600

DOWNSIDE: $1600 / $1530 UPSIDE: $1760 / $1844

GOLD KEY TRIGGER LEVELS

$1532

DOUBLETOP

$1760
http://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdfhttp://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdfhttp://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdfhttp://www.youtube.com/watch?v=haKdlGKWyjQ&feature=player_embedded&list=PL953E96C7BE48D2FAhttp://www.youtube.com/watch?v=haKdlGKWyjQ&feature=player_embedded&list=PL953E96C7BE48D2FAhttp://www.bloomberg.com/video/78409176/http://www.bloomberg.com/video/78409176/http://video.cnbc.com/gallery/?video=3000042202http://www.fxstreet.com/webinars/sessions/session.aspx?id=8f81a2e3-e29b-4031-b370-a85149271145http://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.cnbc.com/id/44310840http://www.cnbc.com/id/44310840http://www.cnbc.com/id/44310840mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.cnbc.com/id/44310840http://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=8f81a2e3-e29b-4031-b370-a85149271145http://video.cnbc.com/gallery/?video=3000042202http://www.bloomberg.com/video/78409176/http://www.youtube.com/watch?v=haKdlGKWyjQ&feature=player_embedded&list=PL953E96C7BE48D2FAhttp://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdf


13/15

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Key support at $26.0700.

Silvers latest price capitulation is a painful reminder to the investment

community that lightning can strike twice. Note, this marks the second time

silver has crashed, following its 30% fall last April.

The move was triggered following a DeMark exhaustion sell signal and

has now wiped out almost 50% of silvers prior gains (taken from Silvers all-

time high at 49.7900) which was last seen in 1980.

Such a dramatic move traditionally produces volatile trading ranges. This

allows the market to have enough time to recover and accumulate renewed

buying interest.

Expect a large trading range to hold between $37.0000-26.0700 over the

multi-week/month horizon, with downside macro risk into $21.5165 (61.8%

Fib-1999 bull market) and $20.0000. This would still maintain silvers long-

term uptrend and help offer a potential buying opportunity for the eventual

resumption higher.

Continue to watch the gold-silver mint ratio which has now accelerated

higher by 67%, suggesting further risk aversion over the next few weeks.


SHORT 3: 34.1300, Obj: 29.9700/26.0700/23.3400, Stop: 35.6880

SILVER

Spot Silver daily, weekly chart and Gold/Silver mint ratio, Bloomberg Finance LP


BULLMARKET

FROM1999

Silver Monthly (since 1980)

13

38.2%(32.3135)

50%(26.9150)

61.8%

(21.5165)

I

II

OVER 30YEAR BASE PATTERN

Silver HITS 1980 Spike High! DEMARKSELL SIGNAL

13 YEAR LEVEL

UNWINDING 67%FROMOVERSOLD TERRITORY

Gold/Silver "Mint" Ratio

KEYSUPPORT(26.0700)

DEMARKSELL SIGNALS

Silver (Daily)

200 DMA(36.5125)


14/15

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Limitation of liability

MIG BANK disclaims, without limitation, all liability for any loss or damage of any kind,

including any direct, indirect or consequential damages.

Material InterestsMIG BANK and/or its board of directors, executive management and employees may have or

have had interests or positions on, relevant securities.

Copyright

All material produced is copyright to MIG BANK and may not be copied, e-mailed, faxed or

distributed without the express permission of MIG BANK.

Notes: Entries are in 3 units and objectives are at 3 separate levels where 1

unit will be exited. When the first objective (PT 1) has been hit the stop will bemoved to the entry point for a near risk-free trade. When the second objective

(PT 2) has been hit the stop will be moved to PT 1 locking in more profit. All

orders are valid until the next report is published, or a trading strategy alert is

sent between reports.

DISCLAIMERNo information published constitutes a solicitation or offer, or recommendation, or advice, to

buy or sell any investment instrument, to effect any transactions, or to conclude any legal act

of any kind whatsoever.

The information published and opinions expressed are provided by MIG BANK for personal

use and for informational purposes only and are subject to change without notice. MIG BANK

makes no representations (either expressed or implied) that the information and opinions

expressed are accurate, complete or up to date. In particular, nothing contained constitutes

financial, legal, tax or other advice, nor should any investment or any other decisions be

made solely based on the content. You should obtain advice from a qualified expert before

making any investment decision.

All opinion is based upon sources that MIG BANK believes to be reliable but they have no

guarantees that this is the case. Therefore, whilst every effort is made to ensure that the

content is accurate and complete, MIG BANK makes no such claim.

LEGALTERMS


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www.migbank.comRon WilliamTechnical [email protected]

MIG [email protected]

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Bjioy KarTechnical [email protected]

CONTACT

Howard FriendChief Market [email protected]
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Documents

2011 11 03 Migbank Daily Technical Analysis Report