2011 11 28 Migbank Daily Technical Analysis Report

8/3/2019 2011 11 28 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) 1.3480GBP/USD Await fresh signal.USD/JPY Await New Buy Trade Setup.USD/CHF Await fresh signal.USD/CAD Exited at 1.0350. Achieved 2 Objectives.AUD/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 REPORT28 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 seco nd 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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Temporary unwinding from oversold conditions.

Lowered stop to breakeven, thereby ensuring a risk-free trade.

EUR/USD is temporarily unwinding from oversold conditions. However, it is

still likely to see the bearish impulsive move is extend from key overhead

resistance (primarily a 2 year trend and its long-term 200-day average).

Bearish sentiment also remains 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: 1.3480

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)

DEMARK

BUY SIGNAL

+27% +19%

TRIGGER(15000)

COT LIQUIDITY

+10%SO FAR

EXTREME NETUS $ SHORTPOSITIONS

9 KEY SUPPORT(73.50-73.00)

1

USD

200-DMA(75.74)

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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Contained within an hourly channel for now.

GBP/USD continues to edge lower remaining within the confines of a falling

channel. A break back over 1.5566 will warn of a larger recovery phase. In

the meantime, scope is seen for a continuation of weakness. It is preferred

to wait for a break lower, under the support of the falling channel, before we

attempt to capitalise on a possible recovery. 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 formulationof 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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Minor rebound, but downside risks remain.

USD/JPY is experiencing a minor rebound. However, downside risks

remain, with the growing probability of another price retracement back to

pre-intervention levels (PIR) and potentially even a new post world warrecord 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.

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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Break over 0.9316 strengthens medium-term outlook.

USD/CHF saw a break back over 0.9316 last week. This structural break

over the October high strengthens the medium term structure. However,

scope is seen for a corrective phase lower, with resistance anticipated close

to 0.9600, should further strength follow. As mentioned last week, demand

for Swiss Francs is likely to continue while yields on Spanish and Italian

government bonds remain elevated, currently trading at 6.667% and 7.111%

respectively.

On the left we show the German sovereign yield curve (solid line),

compared with the same yield curve one week ago. This shows a

deterioration in the way in which the core Euro-Zone bond market is

perceived by the market as a whole. If yields in Germany continue to rise

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

A break under hourly channel support, currently at 0.9205 not weakens the

near-term outlook. Under 0.9085 will warn of a larger corrective phase

lower.


Await fresh signal.

German yield curve comparison, Bloomberg Finance LP


USD/CHF

USD/CHF daily chart, Bloomberg Finance LP


6/15

6


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Sharp Setbacks.

Exited at 1.0350, having achieved 2 price objectives on long position.

USD/CAD has triggered a sharp setback, following last weeks strong bull

charge.

A directional confirmation above 1.0658 is still needed to unlock the

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.


Exited at 1.0350. Achieved 2 Objectives.Ron 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

CONFIRMATIONABOVE 1.0680

OPENSLARGER

DEMARKBUY SIGNAL

USD/CAD (Daily)

MAJOR RESISTANCE

50%(1.3570)

61.8%(1.3379)

EUR/CAD (Daily)

REVERSALPATTERN

CHF/CAD (Daily)

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 a 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

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

AUD/USD(Weekly)

38.2%(0.9144)

50%(0.8546)

61.8%(0.7947)

3 YEARUPTRENDISUNDER

PRESSURE

STRUCTURALLEVEL

KEYZONE

AUD/USD(1 YEAR)

DEMARKSELLSIGNALS


8/15

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Break out of hourly bear channel, suggests a corrective phase.

GBP/JPY may be entering a corrective phase higher following the break out

of hourly bear channel resistance. With this in mind, a higher low is

anticipated ahead of 119.38, should a short-term pullback take place. This

is also supported by the minor recovery seen in equities globally and in

particular in the S&P500.

However, while under the hourly high at 121.77 the near-term negative

structure is maintained.

Although a recovery phase is now favoured, further signs of continued

strength are sought ahead of strategy formulation.


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

Enters into a near-term corrective phase.

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. The break out of the hourly falling channel that has

taken place during the most recent session is now suggestive of a larger

corrective phase higher.

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


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Bias remains bearish.

EUR/GBP continues to frustrate, failing to garner any momentum following

the recent break of the key 0.8530/31 lows. Given the precarious situation

in the Euro-Zone, our mild bearish bias remains, favouring an eventual

return to weakness if German sovereign debt continues to be sold off. It is

anticipated that if the deterioration in the Euro-Zone continues then Sterling

could be viewed as a safe haven. Thus focus remains on the Italian and

Spanish government bond markets too.

An eventual fall back under 0.8486 is anticipated. With this in mind, the

formulation of a short strategy is still favoured, although a deeper pullback of

the 0.8831-0.8486 fall is required ahead of entry.

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

day and 50 week moving averages. 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.


Look to sell higher.EUR/GBP hourly chart, Bloomberg Finance LP

EUR/GBP daily chart, Bloomberg Finance LP

EUR/GBP



11/15

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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 zone, where further 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

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Remains negative beneath 1800.

Short-term price activity remains negative beneath 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

$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 $30.0000.

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

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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


15/15

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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 28 Migbank Daily Technical Analysis Report