2011 12 20 Migbank Daily Technical Analysis Report

8/3/2019 2011 12 20 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 Await New Buy Trade Setup Above 80.00.USD/CHF Possibly looking to sell.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 Missed buy. Await new setup. 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 REPORT20 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 are 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: 1.3140

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(1.4047)

BERMUDATRIANGLE

FAILEDBREAKOUTS

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(75.93)

DEMARKBUY SIGNALS

BREAKOUT ZONE

EUR 57.6%, JPY 13.6%, GBP 11.9%CAD 9.1%, SEK 4.2%, CHF 3.6% 11 MONTH

HIGH
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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Short-term, long positioning favoured.

GBP/USD has broken over the resistance of the hourly falling channel that

had been containing price since the beginning of the month. This may now

mark the initiation of a fresh leg higher back towards 1.5780 initially.

The movement of 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 trading close to 7.00%. Daily structure is also

suggestive of a return to test 7.00% 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 and

then potentially trend-line support at 1.5110.


Biased towards long positions in the very short-term.

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 VIDEO

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

USD/JPY daily 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)

USD/JPY (60 MIN)POSTBOJMOVE (III)

KEY PIVOT LEVEL (77.30) TRIGGERSPOST INTERVENTION RETRACEMENT

DEMARKSELL SIGNALS
http://www.youtube.com/watch?v=rDHE6uEqm6whttp://www.youtube.com/watch?v=rDHE6uEqm6whttp://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.youtube.com/watch?v=rDHE6uEqm6w


5/15

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Strength from 0.8568 now likely reaching completion.

USD/CHF has weakened ever since meeting resistance close to 0.9550.

This initial bout of weakness may now mark the end of the rising phase from

0.8568. A return back towards the 200 day moving average is possible fromcurrent levels.

The yield on Italian 10 year sovereign debt tested 7.000% again yesterday.

A return to this level is anticipated ahead of a push to 7.500% before

completion of the recent rising phase off 5.758%. This is likely to cause the

Swiss Franc to be deemed as a safe haven once again, despite the low

yield available on Franc deposits.

In order to maintain a focus on the Spanish and Italian sovereign markets

we keep note of the 10 year yields in both of these markets, with thesemeasures currently trading at 5.107% and 6.641% versus 6.478% and

7.355%, before the agreement. Thus Spanish debt is experiencing a

stronger positive affect, in contrast to the Italian market which remains

elevated. The funding needs of the Italian government will return in the early

part of next year as large tranches of debt will need to be rolled over.


Possibly looking to sell.

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 still unwinding from intraday resistance at 1.0425, which

coincided with a short-term DeMark exhaustion signal.

The move is continuing to look weak, within an intraday consolidation

pattern (see lower chart) and we prefer to wait for a strong directional

confirmation higher before initiating a buy trade setup.

Until then, keep a watchful eye on support around 1.0300. Beneath here

would trigger a temporary breakout into 1.0220 and perhaps even 1.0000.

Meanwhile, the bulls need to push back above 1.0425 and 1.0524 (25 Nov

swing high), in order to trigger a larger breakout from the rates multi-month

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).

EUR/CAD is retesting 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(0.9885)

CONFIRMATIONABOVE 1.0680

OPENS LARGERRECOVERY

DEMARKBUY SIGNAL

USD/CAD (60 MIN)

KEY RESISTANCE (1.0425)

BREAKOUTPATTERN

DEMARKSIGNAL

DEMARKSELL SIGNAL

KEY SUPPORT (1.0220)


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 continues to weaken sharply, 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

KEYZONE

AUD/USD(1 YEAR)

DEMARKSELLSIGNALS

200-DMA(1.0405)

BREAKOUTZONE

AUD/USD(Weekly)

38.2%(0.9144)

50%0.8546

61.8%(0.7947)

3 YEARUPTREND

UNDERPRESSURE

STRUCTURALLEVEL

AUD/USD (60 MIN)

DEMARK

BUY SIGNAL

RANGE BREAKOUT


8/15

8


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Breaks over falling hourly channel resistance.

GBP/JPY has broken over the resistance of a falling hourly channel,

approaching the resistance of this structure in current trade. This level lies

near 121.60. A break over 122.23 is required to confirm 120.30 as a higher

low.

In the short-term a further leg higher is anticipated in the rise from 119.38.

However, looking at medium-term structure, suggests that the recovery

seen from the 116.84 low is corrective in nature. This suggests scope for a

return to 119.38 and then potentially 116.84.

If a break over 122.23 can be realised, an eventual lower high would be

sought, in line with the medium-term structure that we have highlighted in

the bullet point above.


Sell strategy removed. Await fresh signal.

GBP/JPY

GBP/JPY daily chart, Bloomberg Finance LP


GBP/JPY hourly chart, Bloomberg Finance LP


9/15

9


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Breaks higher from extreme range bound conditions.

EUR/JPY has met short-term support close to the key long-term low at

100.76, reaching 101.05 so far, on a mid-market basis.

We have decided to remove our buy strategy as it marginally failed to getfilled and a re-visit to the same region will warn of a continuation instead of a

region of support.

However, 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 and thus, while trade is maintained above 101.05 a further leg

higher is favoured.

We await a sustained resolution of the extreme range trading conditions

before formulating fresh strategy.

Sustained under 100.76 will warn of a much larger continuation to the

downside.


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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Approaches daily channel support.

EUR/GBP remains weak in both the short and long-term timeframes. We

note that price is now approaching the support of the daily channel that has

contained the pair for the last 5/6 months. This potential support level lies

near 0.8320 and constitutes a near-term target. However, we await a re-test

of the old trend-line support as resistance ahead of possible short

positioning.

Short positioning in EUR/GBP may not experience as many false breaks

going forward, due to the clear break under 1.3146 that has been witnessed

in EUR/USD in recent trade.

As detailed in other parts of this report, rising yields in the core Euro-Zone

sovereign bond markets is a continued concern and one that may

destabilise the FX markets going forward. Within this environment Sterling

may well be judged the best of a bad bunch and to a degree be seen as a

short-term 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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Downside bias remains, while within a larger range.

EUR/CHF has broken under our filter level at 1.2226 leading to us changing

our sell strategy to a sell stop, as detailed below. We also note that the 50

week moving average has managed to contain the market on the upside,

warning that the larger down-trend may not be over.

The Italian 10 year sovereign yield continues to meet resistance close to the

7.000% level. A break over this level will place funding stresses on the

Italian economy and may lead to the Swiss Franc being sought once again

as a safe haven. As mentioned in prior reports, the low yield available on

Swiss Franc deposits is unlikely to act as an impediment to it being sought

as a safe haven.

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 triggered, 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 and weekly charts, 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

Gold 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: 1705

GOLD

Gold daily and weekly charts, Bloomberg Finance LP


Gold intraday chart, with COT Liquidity, Bloomberg Finance LP

200-DMABROKEN

FIRST TIMEIN 3 YEARS!

DEMARK SIGNALWARNED OF GOLDSOVERBOUGHTCONDITIONS

$1800

$1600

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

DOUBLETOP

$1760

CONFIRMATIONBENEATH $1532TARGETS $1300

$1532

CYCLE FAVOURS DECLINEINTO $1300 & $1040-00

TRENDCHANNEL

(12 YEARS)

GOLD (60 MIN)

SHARP

DECLINE WEAKRECOVERY

PATTERNBREAKOUT

COT NET LONGSPECULATOR

POSITIONS

OVER 2 YEARS OFSIZEABLE LONG

GOLD POSITIONSUNDER THREAT

IF KEY LEVEL BREAKS
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


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

KEYSUPPORT(26.0700)

DEMARKSELL SIGNALS

Silver (Daily)

200 DMA(36.7345)

13 YEAR LEVEL

UNWINDING 70%FROMOVERSOLD TERRITORY

Gold/Silver"Mint" Ratio

SILVER (60 MIN)

RANGEBREAKOUT

WEAKRECOVERY

PSYCHOLOGICAL(30.0000)


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 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

15


www.migbank.comRon WilliamTechnical [email protected]

MIG BANK

[email protected]

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

Bjioy KarTechnical [email protected]

CONTACT

Howard FriendChief Market [email protected]
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Documents

2011 12 20 Migbank Daily Technical Analysis Report