2011 12 22 migbank daily technical analysis report
TRANSCRIPT
-
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
1/15
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 Await fresh signal.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.EUR/GBP Sell limit 3 0.8425 0.8325/0.8142/0.8050 0.8525EUR/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 REPORT22 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.
-
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
2/15
2
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
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
Await fresh signal.
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
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 -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
3/15
3
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
Initial resistance seen close to 1.5770/80.
GBP/USD has tested the 1.5770/80 double top and met initial
resistance. This may highlight the price action seen since 1.5423 as
being corrective in nature, with a return to 1.5409 possible in the near-term.
Support for GBP/USD is anticipated given the negative structure that we
are also seeing in EUR/GBP. Thus a continuation to the downside in
EUR/GBP may be associated with the years range being maintained in
GBP/USD.
We continue to expect an eventual return to 7.000% in 10 year Italian
sovereign yields, which should support the arguements that we have
detailed above.
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
Range bound trade likely t o persist near-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] -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
4/15
4
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
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 and potentially even a new
post world war record low beneath 75.35.
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
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 -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
5/15
5
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
A return to the 200 day moving average now favoured.
USD/CHF has weakened substantially after 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 movingaverage is possible from current levels.
The fate of USD/CHF is deemed to be tied to the direction of selected
core Euro-Zone yields and in particular the yield on Italian sovereign
debt. The yields on paper maturing in 6 years+ are all trading above
6%, with 5 year bonds just under 6.000%. It is anticipated that funding
pressure will return in the early part of next year. This is likely to exert
downside pressure on USD/CHF.
10 year yields in Spain and Italy are currently trading at 5.328% and
6.760% versus 6.478% and 7.355%, before the US Dollar based swap
agreement. Thus Spanish debt is experiencing a stronger positive
effect, in contrast to the Italian market. These yields were trading at
5.041% and 6.560% respectively yesterday.
S-T TREND L-T TREND STRATEGY
Looking to sell.
USD/CHF hourly chart, Bloomberg Finance LP
Bijoy Kar, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 424
USD/CHF
USD/CHF daily chart, Bloomberg Finance LP
mailto:[email protected]:[email protected]:[email protected]:[email protected] -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
6/15
6
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
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.
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 sustained 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 has breached the base of an important multi-month distribution
pattern. A sustained 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.
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
mailto:[email protected]:[email protected]:[email protected]:[email protected] -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
7/15
7
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
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
mailto:[email protected]:[email protected]:[email protected]:[email protected] -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
8/15
8
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
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
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
mailto:[email protected]:[email protected]:[email protected]:[email protected] -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
9/15
9
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
Continues to find support close to the 101.00 region.
EUR/JPY continues to meet support close to the 101.00 region after
basing at 101.05 recently.
The negative effects of the breakdown in EUR/USD remain a potentiallarge negative factor for this pair going forward, which warns of a re-test
of 100.76 and then possibly lower.
However, from a structural perspctive, 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.
This clash between structure and event risk in the Euro-Zone keeps us
on the sidelines for now.
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
mailto:[email protected]:[email protected]:[email protected]:[email protected] -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
10/15
10
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
Finds initial support on bear channel support.
Sell level adjusted lower, with the appropriate changes made to the
objectives and stop.
EUR/GBP has found initial support after bouncing from daily channelsupport near the 0.8300 region. Scope is seen for a minor continuation
of the recovery higher. However, hourly structure remains bearish with
a lower high sought versus 0.8613 for a fresh swing to re-test 0.8303.
If a sustained break under 0.8303 can be realized then an extension
back to the 0.8068 0.8142 region would become viable. This view is
assisted by the recent push under 1.3146 in EUR/USD, which may act
to make EUR cross shorts easier to maintain.
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,
further adding to the potential for downside pressure ahead.
S-T TREND L-T TREND STRATEGY
Sell limit 3 at 0.8425, Objs: 0.8325/0.8142/0.8050, Stop: 0.8525
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
mailto:[email protected]:[email protected]:[email protected]:[email protected] -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
11/15
11
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
Hourly structure warns of an extension lower.
EUR/CHF is developing a structure in the hourly timeframe which is
currently suggestive of a sizeable extension lower. If a break can be
realised under 1.2170 then stops under 1.2123/30 will become
vulnerable. If these are triggered, there may be sufficient momentum to
target the large cluster of stops that are expected under the 1.2000
region.
Despite some reasonable auctions in Spanish governments bonds, the
Italian 10 year sovereign yield remains elevated, with a re-test of the
7.000% level anticipated. A large tranche of rollover funding is expected
in the new year and growth is also likely to contract in Italy. Thus, there
is plenty of scope for the Swiss Franc to be sought once again as a safe
haven. The low yield available on Swiss Franc deposits is unlikely to
act as an impediment to it being sought as a safe haven.
As mentioned above, an initial breakout from the recent range has the
potential to trigger clustered stops which may add to downside
momentum. A failure to hold over the 1.2000 level will almost certainly
see a return to the larger downtrend.
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
mailto:[email protected]:[email protected]:[email protected]:[email protected] -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
12/15
12
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
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 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)
S-T TREND L-T TREND STRATEGY
SHORT 2: 1705, Objs: 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 hourly chart, 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 -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
13/15
13
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
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, Objs: 26.0700/23.3400, Stop: 34.1300
SILVER
Spot Silver hourly chart, Bloomberg Finance LP
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454
Spot Silver daily chart, Bloomberg Finance LP
mailto:[email protected]:[email protected]:[email protected]:[email protected] -
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
14/15
14
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.com
Limitation of liability
MIG BANK disclaims, without limitation, all liability for any loss or damage of any kind,
including any direct, indirect or consequential damages.
Material 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
-
8/3/2019 2011 12 22 Migbank Daily Technical Analysis Report
15/15
15
DAILY TECHNICAL REPORT22 December, 2011
www.migbank.comRon WilliamTechnical [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]