2011 11 25 Migbank Daily Technical Analysis Report

8/3/2019 2011 11 25 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 3 1.3480 1.3140/1.3000/1.2860 (Entered 16/11/2011) 1.3650GBP/USD Await fresh signal.USD/JPY Await New Buy Trade Setup.USD/CHF Await fresh signal.USD/CAD LONG 1 1.0250 1.0670 (Entered on 10/11/2011) 1.0350AUD/USD Awaiting New Sell Trade Setup.GBP/JPY Await fresh signal.EUR/JPY Await fresh signal.EUR/GBP Awaiting Fresh Signal.EUR/CHF Sell stop 3 1.2130 1.2030/1.1526/1.1002 1.2230GOLD SHORT 3 1680 1595/1450/1300 (Entered 23/11/2011) 1740SILVER 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 REPORT25 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 more 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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www.migbank.com

Bearish decline resumes into 1.3146.

EUR/USDs decline is resuming into 1.3146 (Oct swing low). The bearish

impulsive move is extending from key overhead resistance (primarily a 2

year trend and its long-term 200-day average).

Bearish sentiment is also anchored by heightened contagion fears driven

from the greater European sovereign debt risk.

A sustained close beneath 1.3146 (Oct swing low) will re-establish the larger

downtrend from April and target 1.3000 (psychological level), then 1.2870

(2011 major low).

Keep an eye on highly correlated risk-related proxies, such as the S&P500

and AUD/USD, which both continue to exhibit downside presssures.

Inversely, the USD Index is extending its recovery higher and is fast

approaching the recent 9-month highs near 80, (a move worth almost 10%).

Speculative (net long) liquidity flows have unwound from 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.US Dollar Interview on Bloomberg

S-T TREND L-T TREND STRATEGY

SHORT 3: 1.3480, Objs:1.3140/1.3000/1.2860, Stop: 1.3650

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

200-DMA(1.4098)

BERMUDATRIANGLE FAILED

BREAKOUTS

UPTREND(2 YEARS)

EUR/USD (Daily)

BREAKOUTZONE(1.4000)

1.3000 (PSYCHOLOGICAL)1.2870 (2011 MAJOR LOW)

+

-

USD INDEX(4 YEARS)

DEMARKBUY SIGNAL

+27% +19%

TRIGGER(15000)

COT LIQUIDITY

+10%SO FAR

EXTREME NETUS $ SHORTPOSITIONS

9 KEY SUPPORT(73.50-73.00)

1

USD

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%

9 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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Extending decline lower. Signs of exhaustion remain.

GBP/USD is forming a falling wedge in the hourly timeframe warning of a

period of strength ahead. However, before we attempt to capitalise on a

possible recovery we seek a break lower. Should any such weakness fail to

gain momentum, we will then look to buy into a recovery.

This scenario is also supported by the generally rangebound nature of the

market in the medium-term timeframe, favouring a return to 1.6167.

A sustained break under 1.5272 is required to turn the medium-term bias

decidedly bearish.

We await the formation of short-term structure to assist us in our formulation

of strategy.


Await fresh signal.

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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www.migbank.com

Probability favours retracement to pre-intervention levels.

USD/JPY remains negative, with the growing probability of another price

retracement back to pre-intervention levels (PIR) and potentially even a new

post world war record low beneath 75.35 (PINL).

Furthermore, sentiment in the option markets continues to suggest that

USD/JPY buying pressure remains overcrowded as everyone in the market

continues to try and be the first to call the market bottom.

This may inspire a temporary, but dramatic, price spike through

psychological levels at 75.00 and perhaps even sub-74.00. Such a move

would help flush out a number of downside barriers and stop-loss orders,

which would create healthy price vacuum for a potential major reversal.

The medium/long-term view remains bullish, as USD/JPY verges toward a

major long-term 40 year cycle upside reversal. Expect key cycle inflection

points to trigger into November-December this year, offering a sustained

move above our upside trigger level at 80.00/60, then 82.00 and 83.30.

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, launching a powerful recovery into 91.00.

Please select the link below to review our special coverage on USD/JPY.

Special Report: USDJPY Verging on a major 40 year cycle reversal

Webinar: USD/JPYs Long-Term Structural Change Media Reports: CNBC Bloomberg


Awaiting Renewed Buy Trade Setup.


USD/JPY

USD/JPY daily, weekly chart, Bloomberg Finance LP

82.00

83.30

USD/JPY(Daily1 YEAR)

QUAKESHOCK!

POST INTERVENTIONRETRACEMENT (PIR I)

POSTG7

MOVE (I)HIGH

PIR II

80.24

POSTBOJ

MOVE (II)HIGH

DEMARK BUY SIGNAL AHEADOF NEW POST WWII LOW 75.35

POSTBOJ

MOVE (III)HIGH

PIR III

MONTHLY DEMARKBUYSIGNAL

USD/JPY Weekly(2007 2011)

ENDINGDIAGONAL

PATTERNANTICIPATE

SBREAKOUT(85-79)
http://www.migbank.com/research/howard/USDJPY_Verging_on_a_Major_40_Year_Cycle_Reversal.pdfhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.cnbc.com/id/45301945http://www.cnbc.com/id/45301945http://www.bloomberg.com/news/2011-11-24/dollar-may-rise-20-to-94-yen-on-elliot-wave-rebound-technical-analysis.htmlhttp://www.bloomberg.com/news/2011-11-24/dollar-may-rise-20-to-94-yen-on-elliot-wave-rebound-technical-analysis.htmlmailto:[email protected]:[email protected]:[email protected]:[email protected]://www.bloomberg.com/news/2011-11-24/dollar-may-rise-20-to-94-yen-on-elliot-wave-rebound-technical-analysis.htmlhttp://www.cnbc.com/id/45301945http://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.migbank.com/research/howard/USDJPY_Verging_on_a_Major_40_Year_Cycle_Reversal.pdf


5/15

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Resistance maintains weakness under 0.9316.

USD/CHF remains in a tight trading range, struggling to make large

impulsive moves higher as has taken place in other currencies versus the

USD, like the commodity currencies. The ability of the Swiss Franc to

continue making fresh gains is also linked to the fate of the periphery

government bond yields. Demand for Swiss Francs is likely to continue

while yields on Spanish and Italian government bonds remain elevated,

currently trading at 6.646% and 7.173% respectively.

The 0.9316 level is key to near-term structure, with a failure to break over

0.9316 warning of a return to the region close to 0.8242. However, if a

break above 0.9316 can be achieved without breaking under 0.8568, a

structural change will occur, increasing the probability of further gains

ahead.

One thing to note, that has been taking place over the last week, is that the

spread between French government bonds and their German counterparts

is beginning to narrow again, after a period of widening. However, we now

need to watch the behaviour of the German curve itself to try and determine

how this core yield curve is behaving. If yields in Germany continue to rise

this will likely mark an acceleration of deterioration in the Euro Zone.


Await fresh signal.

USD/CHF hourly chart, Bloomberg Finance LP


USD/CHF

USD/CHF daily chart, Bloomberg Finance LP


6/15

6


www.migbank.com

Bulls charging higher into 1.0658.

Raised stop to 1.0350, thereby locking in profits and maintaining the risk-

free long trade. USD/CAD is extending its bull charge higher into 1.0658

(05th

Oct swing high), near 1.0673 congestions zone).

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.

Only a sustained close beneath 1.0230 and parity unlocks bearish setbacks

into the long-term 200-day MA at 0.9844 and 0.9726 (31st Aug low).

EUR/CAD is still holding 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 now retesting its 200-day MA at 1.1363, while maintaining a

multi-week trading range. This follows the dramatic price slide lower (which

was triggered by the SNB intervention). The cross-rate has now retraced

more than half of its 2011 gains.


Long 1: 1.0250, Objs: 1.0670, Stop: 1.0350Ron 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 (Weekly)

CONFIRMATIONABOVE 1.0680

OPENSLARGER

DEMARKBUY SIGNAL

USD/CAD (Daily)

August High(1.0673)

200-DMA(0.9844)

MAJOR RESISTANCE

50%(1.3570)

61.8%(1.3379)

EUR/CAD (Daily)

200-DMA(1.3871)

REVERSALPATTERN

CHF/CAD (Daily)

200-DMA1.1362

50%

(1.1488)61.8%

(1.0893)


7/15

7


www.migbank.com

Unwinding from oversold conditions.

AUD/USD is still attempting to unwind f rom oversold conditions, following its

accelerated decline through the 1.0000 psychological level.

The move must be sustained below 1.0000 to further compound downside

pressure on the rates multi-year uptrend and push back towards 0.9611.

Elsewhere, the Aussie dollar remains strong against the New Zealand

dollar. However, near-term price activity is mean reverting back into the 200-

day MA. Expect sharp setback to ensue over the multi-day horizon.

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 82.67.

Watch for further downside scope into support at 72.00 which would signal

further unwinding of risk appetite.


Awaiting Renewed Sell Trade Setup.

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-DMA1.0405

200-DMA

(82.76)

13

38.2%(76.70)

61.8%

(68.47)

50%(72.58)

AUD/JPY(Daily)

DEMARKSELL SIGNAL

RESUMPTION OF

BREAKDOWNADDS TO

RISK AVERSION

REVERINGINTO

200-DMA

AUD/NZD(Daily)

KEY SUPPORT1.2319 / 1.2100


8/15

8


www.migbank.com

Short-term weakness grinds lower.

GBP/JPY has now returned to the base of the extension higher that

occurred at the end of October. Failure to find support in the current region

will warn of a re-test of the 116.84 region. We do however note, that further

weakess in GBP/JPY will likely be associated with an extension of recent

losses in the S&P500.

Also noted is a falling hourly channel. In a similar manner to GBP/USD we

await a further downside attempt and look to see if momentum can be

garnered. Although the market appears exhausted to the downside, short-

term price action needs to confirm this.

A push back over the hourly high at 121.77 needs to be achieved to

neutralise the current short-term bearish bias.


Await fresh signal.

GBP/JPY

GBP/JPY daily chart, Bloomberg Finance LP


GBP/JPY hourly chart, Bloomberg Finance LP


9/15

9


www.migbank.com

Weakness from 111.60 is deemed as corrective for now.

EUR/JPY continues to grind lower after failing to hold the extension higher

that occurred at the end of October. In fact the fall that has taken place

since 111.60 has the appearance of a corrective phase, suggesting scope

for a further leg higher. With this in mind a further rise towards 111.60 is

possible.

However, the EUR component of this pair is highly affected by the

movement in EUR/USD. As the yields in Spanish and Italian government

bonds continue to rise, this puts more downside pressure on the EUR. A

break under 1.3146 in the EUR/USD will end the rising phase seen since

2010. This would likely be associated with a fall back down to 100.76 and

potentially lower.

A sustained hold over the 200 day moving average will turn the medium-

term outlook more bullish.


Await fresh signal.EUR/JPY hourly chart, Bloomberg Finance LP


EUR/JPY daily chart, Bloomberg Finance LP

EUR/JPY


10/15

10


www.migbank.com

Return to range bound trade for now.

EUR/GBP failed to remain within the confines of a falling hourly channel.

Instead a break higher took place, back into the old trading range, warning

that the push under 0.8530/31 is in fact a false break lower. However,

movement here is likely to be effected by the perception of Sterling as a

safe haven, if the Euro Zone continues to deteriorate. Thus focus remains

on the Italian and Spanish government bond markets.

A fall back under 0.8486 will strengthen the case of the bears. In the

meantime a range bound environment may persist.

Our bias remains mildly bearish with trade continuing under both the 200

day and 50 week moving averages. With this in mind we keep an eye on

the 1.3146 level in EUR/USD. A push under this level will mark a clear

breakdown of confidence in the EUR.


Await Fresh Signal.EUR/GBP hourly chart, Bloomberg Finance LP

EUR/GBP daily chart, Bloomberg Finance LP

EUR/GBP



11/15

11


www.migbank.com

Range bound between 1.2131 and 1.2474. Breakout sought.

EUR/CHF is maintaining its tight trading range just under the 1.2500 level.

It is anticipated that this zone may see a degree of resistance, particularly in

light of the movement in periphery yield spreads versus bunds. Over time,

this may lead to a renewed desire for a safe haven, with downside pressure

returning to EUR/CHF.

We would prefer to trade this from a momentum perspective, awaiting a

return to the 1.2000 region. 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.

Short-term structure continues to be suggestive of a further rise back

towards the 1.2500 region, where resistance would be expected.

It remains to be seen if 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/Spanish/French government bonds.

S-T TREND L-T TREND

Sell stop 3 at 1.2130, Objs: 1.2030/1.1526/1.1002, Stop: 1.2230.

EUR/CHF weekly chart, Bloomberg Finance LP

EUR/CHF

EUR/CHF hourly chart, Bloomberg Finance LP



12/15

12


www.migbank.com

Weakening from resistance at $1800.

Short-term price activity is still weakening from resistance at 1800. The

bearish move is starting to be anchored once again by Golds last dramatic

20% capitulation.

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

close beneath $1600/98 and $1530 (200-day MA/swing low), which has not

been breached in 3 years!

Speculative (net long) flows remain a concern having recently breached a

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

positions.

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: 1680, Obj:1595/1450/1300, Stop: 1740

GOLD

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


TRENDCHANNEL(12 YEARS)

I

RISK ZONE III

CONFIRMATION BELOW $1530UNLOCKS 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

$160

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

GOLD KEY TRIGGER LEVELS

$153

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

13


www.migbank.com

Weakening into key support at $26.0700.

Silver is weakening back into 30.0000 and the previous swing low at

26.0700. Macro price structure continues to focus on the downside risks,

following the major sell-off in September.

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

14


www.migbank.com

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


15/15

15


www.migbank.comRon WilliamTechnical [email protected]

MIG [email protected]

14, rte des Gouttes dOrCH-2008 NeuchtelTel.+41 32 722 81 00

Bjioy KarTechnical [email protected]

CONTACT

Howard FriendChief Market [email protected]
mailto:[email protected]:[email protected]://www.migbank.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.migbank.com/mailto:[email protected]:[email protected]

Documents

2011 11 25 Migbank Daily Technical Analysis Report