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8/3/2019 2011 12 21 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 Exited at 1.3140.GBP/USD Await fresh signal.USD/JPY Await New Buy Trade Setup Above 80.00.USD/CHF Looking to sell.USD/CAD Awaiting New Buy Trade Setup.AUD/USD Exited at 1.0050.GBP/JPY Await fresh signal.EUR/JPY 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 REPORT21 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.
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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% from 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
Exited at 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
UPTREND2 YEARS
200-DMA(1.4043)
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(75.95)
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.pdf8/3/2019 2011 12 21 Migbank Daily Technical Analysis Report
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Short-term, long positioning favoured.
GBP/USD continues to move back towards the 1.5780/70 double top in
the hourly timeframe after breaking over the resistance of the hourly
falling channel that had been containing price since the beginning of themonth.
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 still 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.
S-T TREND L-T TREND STRATEGY
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
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Weakening beneath 78.24 (DeMark Level).
USD/JPY is still weak beneath 78.24 (DeMark Level), as pricecontinues to hold within a multi-day trading range (see hourly chartbelow).
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 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 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
S-T TREND L-T TREND STRATEGY
Awaiting Renewed Buy Trade Setup above 80.00.
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 426
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)POST
BOJ
KEY PIVOT LEVEL (77.25) TRIGGERS
POST INTERVENTION RETRACEMENT
DEMARK
SELL SIGNAL
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=rDHE6uEqm6w8/3/2019 2011 12 21 Migbank Daily Technical Analysis Report
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Unwinding from intraday resistance at 1.0425.
USD/CAD is unwinding sharply from intraday resistance at 1.0425, which
coincided with a short-term DeMark exhaustion signal.
The move is accelerating lower 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 1.0220. A break here would
trigger further downside into 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 substantialcorrelation pressure onto EUR/USD.
S-T TREND L-T TREND STRATEGY
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(0.9886)
CONFIRMATIONABOVE 1.0680
OPENS LARGERRECOVERY
DEMARKBUY SIGNAL
USD/CAD (60 MIN)
KEY RESISTANCE (1.0425)
BULLCHANNEL
DEMARKSIGNAL
DEMARKSELL SIGNAL
KEY SUPPORT (1.0250)
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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).
Although this recovery sharp, it is likely to be short-lived as signaled by
the DeMark signal. 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.
S-T TREND L-T TREND STRATEGY
Exited at 1.0050.
AUD/USD
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454
AUD/USD daily chart, Bloomberg Finance LP
AUD/USD hourly chart, Bloomberg Finance LP
KEYZONE
AUD/USD(1 YEAR)
DEMARKSELLSIGNALS
200-DMA(1.0405)
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
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Sustained over 122.23 suggests a fresh recovery leg higher.
GBP/JPY has broken over the resistance of a falling hourly channel.
Coupled with this we have seen a push over the 122.23 lower high. If
this rise can be sustained then a fresh leg higher will be favoured to
form for a swing all the way back to 127.32.
A break back over 122.98 will add to a more medium-term bullish
stance. A failure to do so will suggest 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.
We do however note that for the majority of December a 120.33 -
122.64 range has been traded. A break out of this range is sought
ahead of strategy formulation.
S-T TREND L-T TREND STRATEGY
Sell strategy removed. Await fresh signal.
GBP/JPY
GBP/JPY daily chart, Bloomberg Finance LP
Bijoy Kar, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 424
GBP/JPY hourly chart, Bloomberg Finance LP
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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.
Although a short-term recovery has followed, a larger swing higher isrequired to ensure that we are not in the midst of a corrective phase
higher.
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 range trading conditions before
formulating fresh strategy.
Sustained under 100.76 will warn of a much larger continuation to the
downside.
S-T TREND L-T TREND STRATEGY
Await fresh signal.
EUR/JPY hourly chart, Bloomberg Finance LP
Bijoy Kar, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 424
EUR/JPY daily chart, Bloomberg Finance LP
EUR/JPY
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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.
S-T TREND L-T TREND STRATEGY
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
Bijoy Kar, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 424
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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
Bijoy Kar, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 424
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Gold re-testing its 200-day average
Gold is temporarily re-testing 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 p otential 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)
S-T TREND L-T TREND STRATEGY
SHORT 2: 1705, Obj: 1530, 1300, Stop: 1705
GOLD
Gold daily and weekly charts, Bloomberg Finance LP
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454
Gold intraday chart, with COT Liquidity, 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
DECLINE
WEAKRECOVERY
PATTERNBREAKOUT
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).pdf8/3/2019 2011 12 21 Migbank Daily Technical Analysis Report
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Weak bounce retesting $30.0000.
Silvers weak recovery from oversold conditions is retesting 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.
S-T TREND L-T TREND STRATEGY
SHORT 2: 34.1300, Obj: 26.0700/23.3400, Stop: 34.1300
SILVER
Spot Silver hourly charts, Bloomberg Finance LP
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454
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)
RANGE
WEAK
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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
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The information published and opinions expressed are provided by MIG BANK for personal
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LEGALTERMS
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DAILY TECHNICAL REPORT21 December, 2011
www.migbank.comRon WilliamTechnical [email protected]
MIG BANK
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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