2011 12 16 Migbank Daily Technical Analysis Report

8/3/2019 2011 12 16 Migbank Daily Technical Analysis Report

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MIG BANK / Forex Broker 14, 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 1.3280 1.2870 (Entered 12/12/2011) 1.3140GBP/USD Await fresh signal.USD/JPY Awaiting New Buy Trade Setup Above 80.00.USD/CHF Possible sell higher.USD/CAD Awaiting New Buy Trade Setup.AUD/USD SHORT 2 1.0050 0.9660/0.9380 (Entered 13/12/2011) 1.0050GBP/JPY Await fresh signal.EUR/JPY Buy limit 3 101.05 102.05/105.00/107.68 100.05EUR/GBP Sell limit 3 0.8510 0.8395/0.8300/0.8142 0.8615EUR/CHF Sell Stop 3 1.2130 1.2030/1.1526/1.1002 1.2230GOLD SHORT 2 1705 1530/1300 (Entered 12/12/2011) 1705SILVER SHORT 2 34.1300 26.0700/23.3400 (Entered 01/11/2011) 34.1300

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

DAILY TECHNICAL REPORT16 December, 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 hit 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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Short-covering around the key 1.3000 level.

EUR/USD is unwinding mildly from oversold conditions, driven by short-

covering as the market adjusts to a new bearish paradigm, following the

break beneath that all-important psychological level at 1.3000.

Our cycle analysis successfully signalled increased volatility within the first

two weeks of December across risk proxies, including the equity and

commodity markets. Expect some respite ahead of the holiday period.

Watch for a sustained close beneath 1.3000 (psychological level) to resume

EUR/USDs multi-month downtrend into 1.2870 (2011 major low).

Near-term resistance can be found at 1.3215 and potentially even 1.3550

(02 Dec high). Any rebound into these levels is likely to be short -lived.

Inversely, the USD Index has extended its recovery higher to new 11-month

highs, (a move worth over 10% f rom the summer 2010 lows).

Speculative (net long) liquidity flows is strengthening once again and will

continue to 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 1: 1.3280, Objs: 1.2870, Stop: 1.3280

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 chart, Bloomberg Finance LP

UPTREND(2 YEARS)

200-DMA(1.4060)

BERMUDATRIANGLE FAILED

BREAKOUTS

EUR/USD (Daily)

BREAKOUTZONE

(1.4000)

1.3000 (PSYCHOLOGICAL)1.2870 (2011 MAJOR LOW)

9 KEY SUPPORT(73.50-73.00)

13

USD INDEX

200-DMA(75.88)

DEMARKBUY SIGNALS

BREAKOUT ZONE

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

11 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


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Break over trend-line off 1.5770 sought before attempting longs.

GBP/USD has managed to break out of its prior sequence of lower lows and

higher highs, forming an hourly falling channel. This may mark the final

phase of short-term weakness from the 1.5780 lower high. However, abreak over the hourly channel resistance is sought before attempting longs.

Demand for sterling is likely to be affected by the movement in selected core

Euro-Zone sovereign markets. In particular we note that Italian 10 year

yields are shying away from 7.000%. Daily structure is also suggestive of a

return to test 7.000% and higher. A continuation of higher yields may see

Sterling being adopted as a safe haven again. This reasoning would likely

help to keep cable within its year long range.

Failure to remain above 1.5423 will see an immediate target at 1.5272 andthen potentially trend-line support at 1.5110.


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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Weakening beneath 78.24 (DeMark Level).

USD/JPY is still weak beneath 78.24 (DeMark Level), as price continues

to hold within a multi-day trading range (see hourly chart below).

Confirmation beneath 77.25 (pivot level) would help trigger a third price

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

new post world war record low beneath 75.35 (PINL).

Sentiment in the option markets continues to suggest that USD/JPY buying

pressure remains overcrowded as everyone continues to try and be the first

to call the market bottom, within the end of this multi-year contracting

pattern (see top chart insert).

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

psychological levels at 75.00 and perhaps even sub-74.00. Such a movewould 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 over the next few weeks, 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 /Squawk Box &Bloomberg


Awaiting Renewed Buy Trade Setup above 80.00.


USD/JPY

USD/JPY hourly chart, Bloomberg Finance LP

QUAKESHOCK!

POST INTERVENTIONRETRACEMENT (PIR I)

G7MOVEHIGH

PIR II

POSTBOJ

MOVE (II)HIGH

DEMARK BUY SIGNAL AHEAD OF

NEW POST WWII LOW (75.35)

POSTBOJ

MOVE (III) PIR III

MULTI-YEARPATTERN

ANTICIPATESBREAKOUT (85-80)

POSTBOJMOVE (III)

KEY PIVOT LEVEL (77.25) TRIGGERS

POST INTERVENTION RETRACEMENT

DEMARKSELL SIGNAL

USD/JPY (60 MIN)

USD/JPY daily chart, Bloomberg Finance LP
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.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.cnbc.com/id/45301945http://www.cnbc.com/id/45301945http://www.cnbc.com/id/45301945http://65.55.53.237/id/15840232?video=3000062126&play=1http://65.55.53.237/id/15840232?video=3000062126&play=1http://65.55.53.237/id/15840232?video=3000062126&play=1http://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.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://65.55.53.237/id/15840232?video=3000062126&play=1http://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


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Encounters resistance close to our first target at 0.9555.

Look to sell higher.

USD/CHF has met resistance close to our initial target in our previous long

strategy into the rise from 0.9176. We view the push under 0.9430 as

potentially breaking down the short-term bullish structure. However, while

above 0.9342, there remains scope for a further rise back towards 0.9548

initially.

Given that the region of the initial target has been tested and with yields

continuing to rise in some core Euro-Zone sovereign markets, the trade

location is deemed as poor. It is anticipated that a return to 7.000% in Italian

10 year yields is imminent. This may once again pressure USD/CHF to the

downside. There is thus potentially a greater opportunity to sell at higherlevels.

Referencing Spanish and Italian government bonds back to their respective

levels prior to the six party central bank agreement, we note that most of the

positive after effects have worn off, with yields trading at 5.698% and

6.824% versus 6.374% and 7.355%, before the agreement. (These yields

were trading at 5.699% and 6.685% respectively at the same time

yesterday.)


Possibly looking to sell higher.

USD/CHF hourly chart, Bloomberg Finance LP


USD/CHF

USD/CHF daily chart, Bloomberg Finance LP


6/15

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Unwinding from intraday resistance at 1.0425.

USD/CAD is unwinding from intraday resistance at 1.0425, which coincided

with a short-term DeMark exhaustion signal. The move has temporarily

breached a multi-day bull-channel (see lower chart) and we prefer to wait fora resumption higher to open a buy trade setup.

The bulls need to push back above 1.0425 and 1.0524 (25 Nov swing high),

in order to trigger a breakout from the rates major triangle pattern.

In terms of the big picture, a directional confirmation above 1.0680 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 (see top chart insert).

Only a sustained close beneath 1.0200 and 1.0080, then parity unlocks

bearish setbacks into the long-term 200-day MA at 0.9879 and 0.9726 (31st

Aug low).

EUR/CAD is unwinding mildly ahead of the base of an important multi-

month distribution pattern. A break beneath 1.3393-79 (19th

Sept low/61.8%

Fib), signals an important breakdown into 1.3140 and would provide

substantial correlation pressure onto EUR/USD.


Awaiting New Buy Trade Setup above 1.0425.Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454

USD/CAD

USD/CAD daily chart, Bloomberg Finance LP

USD/CAD hourly chart, Bloomberg Finance LP

USD/CAD (Daily)

200-DMA(0.9879)

CONFIRMATIONABOVE 1.0680

OPENS LARGERRECOVERY

DEMARKBUY SIGNAL

USD/CAD (60 MIN)

KEY RESISTANCE (1.0425)

BULLCHANNEL

DEMARKSIGNAL

DEMARKSELL SIGNAL


7/15

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Strong unwinding from oversold conditions.

AUD/USD is unwinding strongly from oversold conditions, which also

coincided with an intraday DeMark buy signal (see lower chart).

Even so, we expect this recovery to be short-lived and continue to hold our

stop level at 1.0050 for the active model portfolio short position, which is still

maintaining a risk-free bias.

The bears must sustain below 1.0000 to further compound downside

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

Elsewhere, the Aussie has weakened sharply, as expected, against the New

Zealand dollar. Near-term price activity is mean reverting back into the 200-

day MA and we watch for further setbacks over the multi-day/week horizon.

The Aussie dollar is also pairing back its mild recovery against the Japanese

yen, while holding above the neck-line of its two-year distribution pattern.

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

further unwinding of global risk appetite.


SHORT 2: 1.0050, Obj: 0.9660/0.9380, Stop: 1.0050.

AUD/USD


AUD/USD daily chart, Bloomberg Finance LP

AUD/USD hourly chart, Bloomberg Finance LP

KEY

ZONE

AUD/USD(1 YEAR)

DEMARKSELLSIGNALS

200-DMA1.0405

AUD/USD (60 MIN)

DEMARK

BUY SIGNAL

RANGE BREAKOUT


8/15


9/15

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Support anticipated close to 100.76.

EUR/JPY saw an extension lower in recent trade following the break under

1.3146 in EUR/USD, particularly in light of the recent static nature of

USD/JPY.

We now anticipate a degree of support close to the 100.76 level, from where

a recovery may take place

As mentioned in prior reports, the medium-term recovery that we have

already witnessed from 100.76 to 111.60 is viewed as the initial leg higher in

a larger recovery structure.

Even if a lower low were to be printed in the medium-term timeframe, an

initial recovery from the 100.76 region is anticipated. With this in mind we

look to attempt longs just ahead of the key 100.76 level.

Sustained price activity under this level will warn of a much larger

continuation to the downside.


Buy limit 3 at 101.05, Objs: 102.05/105.00/107.68, Stop: 100.05

EUR/JPY hourly chart, Bloomberg Finance LP


EUR/JPY daily chart, Bloomberg Finance LP

EUR/JPY


10/15

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Retrace back towards old trend-line support sought.

EUR/GBP continues to witness short-term weakness. Although a move to

test daily falling channel support near 0.8330 may develop, we prefer to wait

for higher levels to sell. We await a re-test of the old trend-line support as

resistance ahead of possible short positioning.

Also noted is that 1.3146 has now been broken in EUR/USD, weakening the

longer-term outlook there. This may assist a short EUR/GBP bias going

forward.

An initial target for the current downswing in the daily timeframe is on the

support of the previously mentioned falling channel, currently at 0.8330.

As mentioned in prior reports, the recent six party central bank coordination

is in fact a warning sign and a clear weakness, suggesting scope for a creditcontractionary phase. We continue to expect a continuation of rising yields

in the Euro-Zone and it is within this environment that we see the potential

for Sterling to be perceived as a safe haven.


Sell limit 3 at 0.8510, Objs: 0.8395/0.8300/0.8142, Stop: 0.8615

EUR/GBP hourly chart, Bloomberg Finance LP

EUR/GBP daily chart, Bloomberg Finance LP

EUR/GBP



11/15

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Messy sideways trade continues.

EUR/CHF is currently witnessing a flurry of price activity which has now

triggered our filter level at 1.2226 (see below). It thus appears that the

possibility of a break over the recent high at 1.2474 is receding.

1.2226 will be used as a filter. Under 1.2226, we swapped our previous sell

limit strategy to a sell stop strategy at 1.2130, with objectives at

1.2030/1.1526/1.1002 and a stop at 1.2230.

We reference the Italian 10 year sovereign yield on a daily basis in our

USD/CHF commentary. A return to 7.000% and higher is building a recipe

for disaster and, should it take place, may well instigate a period in which

the Swiss Franc is sought as a safe haven irrespective of little to no yield

pick-up. A parallel can be made with the negative yield that was available

on short dated US paper during the last crisis. Sometimes return of capital is

more important then return on capital.

The 1.2000 level is the only level that the SNB has suggested they will

defend. There is thus likely to be a large cluster of stops under this level,

which if tiggered, could herald a return towards the 1.0075 level.

S-T TREND L-T TREND

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

EUR/CHF daily chart, Bloomberg Finance LP

EUR/CHF

EUR/CHF hourly chart, Bloomberg Finance LP



12/15

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Gold remains capped beneath its 200-day average

Golds remains capped beneath its 200-day average, which was recently

broken for the first time in 3 years. The move was triggered by a multi-month

triangle pattern breakout (see both daily and intraday charts).

Downside pressure remains heavy from inter-market weakness across

related risk proxies such as EUR/USD and equity markets. Moreover, there

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

beneath $1600 and $1530 (swing low).

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 (12-year channelfloor/see

top chart insert).

Speculative (net long) flows also support this view having recently breached

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

positions. This will trigger a temporary, but dramatic setback that would

ultimately offer a unique buying opportunity into summer 2012.

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 2: 1705, Obj: 1530, 1300, Stop: 1750

GOLD

Gold daily and weekly charts, Bloomberg Finance LP


200-DMABROKEN

FIRST TIMEIN 3 YEARS!

DEMARK SIGNALWARNED OF GOLDSOVERBOUGHTCONDITIONS

$1800

$1600

DOWNSIDE: $1600 / $1530 / $1300UPSIDE: $1670/ $1760 / $1800GOLD KEY LEVELS

$1532

DOUBLETOP

$1760

CONFIRMATIONBENEATH $1532TARGETS $1300

CYCLE FAVOURS DECLINEINTO $1300 & $1040-00

TRENDCHANNEL

(12 YEARS)

GOLD (60 MIN)

SHARP

DECLINEWEAK

RECOVERY

PATTERNBREAKOUT

Gold intraday chart, with COT Liquidity, Bloomberg Finance LP
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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Weak bounce remains capped beneath $30.0000.

Silvers weak recovery from oversold conditions remains capped beneath

key support at $30.0000. Only a sustained close below here would trigger a

test of 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 (see top chart insert) which has

now accelerated higher by 70%, suggesting further risk aversion over the

next few weeks. This also helps explain recent divergences between gold

and silver.


SHORT 2: 34.1300, Obj: 26.0700/23.3400, Stop: 34.1300

SILVER

Spot Silver hourly charts, Bloomberg Finance LP


KEYSUPPORT(26.0700)

DEMARKSELL SIGNALS

Silver (Daily)

200 DMA(36.7945)

13 YEAR LEVEL

UNWINDING 70%FROMOVERSOLD TERRITORY

Gold/Silver"Mint" Ratio

SILVER (60 MIN)

RANGEBREAKOUT

WEAKRECOVERY

PSYCHOLOGICAL(30.0000)

Spot Silver daily chart with Silver/Gold ratio, Bloomberg Finance LP


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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 Interests

MIG 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 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.

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 12 16 Migbank Daily Technical Analysis Report