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MIG BANK / Forex Broker14, rte des Gouttes dOr CH-2008 Neuchtel Switzerland
Tel +41 32 722 81 00 Fax +41 32 722 81 01 [email protected] www.migbank.com
Please note: None of the strategies below represent trading advice or trading recommendations of any kind. Please refer to our full disclaimer.
WINNER BEST SPECIALIST RESEARCH
MA
S-TERMMULTI-DAY
L-TERMMULTI-WEEK
STRATEGY/POSITION
ENTRYLEVEL
OBJECTIVES/COMMENTS STOP
EUR/USD SHORT 3 1.3480 1.3140/1.3000/1.2860 (Entered 16/11/2011) 1.3650GBP/USD Await fresh signal.USD/JPY Await New Buy Trade Setup.USD/CHF Await fresh signal.USD/CAD LONG 3 1.0250 1.0360/1.0480/1.0670 (Entered on 10/11/2011) 1.0050AUD/USD SHORT 2 1.0570 1.0010/0.9710 (Entered 01/11/2011) 1.0360GBP/JPY Await fresh signal.EUR/JPY Look to see how 104.00 fares.EUR/GBP SHORT 3 0.8555 0.8455/0.8285/0.8068 (Entered 11/11/2011) 0.8655EUR/CHF Sell stop 3 1.2130 1.2030/1.1526/1.1002 1.2230GOLD Awaiting New Sell Trade Setup.SILVER SHORT 3 34.1300 29.9700/26.0700/23.3400 (Entered 01/11/2011) 35.6880
DISCLAIMER &DISCLOSURESPlease read the disclaimer and thedisclosures which can be found atthe end of this report
DAILY TECHNICAL REPORT17 November, 2011
Ron William, CMT, MSTA
Bijoy Kar, CFA
Notes: Entries are in 3 units and objectives are at 3 separate levels where 1 unit will be exited. When the first objective (PT 1) has been h it the stop will be moved to the entry
point for a near risk-free trade. When the 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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Resuming sharp reversal into 1.3140.
EUR/USD is resuming its sharp reversal from key overhead resistance
(primarily an important 2 year trend-line and its 200-day average).
The bearish move is now being further anchored down by heightened
European sovereign debt risk leads to greater contagion.
Expect downside scope into 1.3146 (Oct swing low) and psychological level
at 1.3000, then 1.2870 (2011 major low).
Further pressure may also weigh from broad risk-related proxies. The euro
continues to share a high correlation with the S&P500 and AUD/USD.
Inversely, the USD Index is holding above its long-term 200-day MA. The
bulls are likely to recapture the recent 9-month highs near 80.
Speculative (net long) liquidity flows have unwound from recent spike highs(3 standard deviations from the yearly average). This will likely remain
strong and help resume the USDs major bull-run from its historic oversold
extremes (momentum, sentiment and liquidity).
Special Report:EUR/USD A Fall From Grace ? Decline Targets 1.3770/1.3410. VIDEO
MIG Bank Webinar: Why the US dollar is likely to gain up to 30% in 6-12 months.US Dollar Interview on Bloomberg
S-T TREND L-T TREND STRATEGY
SHORT 3: 1.3480, Objs:1.3140/1.3000/1.2860, Stop: 1.3650
EUR/USD
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454
EUR/USD
EUR/USD daily chart, Bloomberg Finance LP
USD Index daily, weekly chart and COT Liquidity, Bloomberg Finance LP
200-DMA(1.4102)
BERMUDATRIANGLE FAILED
BREAKOUTS
UPTREND(2 YEARS)
EUR/USD (Daily)
BREAKOUT
ZONE(1.4000)
SHARP REVERSALAT KEY RESISTANCE
TARGETS 1.3000 & 1.2870
KEY SUPPORT(73.50-73.00)9
13
USD INDEX
200-DMA(75.72)
DEMARKBUY SIGNALS
BREAKOUT ZONE
EUR 57.6%, JPY 13.6%, GBP 11.9%CAD 9.1%, SEK 4.2%, CHF 3.6%
9 MONTHHIGH
+
-
USD INDEX(4 YEARS)
DEMARKBUY SIGNAL
+27% +19%
TRIGGER(15000)
COT LIQUIDITY
+10%SO FAR
3 STD ABOVEONE YEARAVERAGE
EXTREME NETUS $ SHORTPOSITIONS
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 11 17 Migbank Daily Technical Analysis Report
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Break back over 1.6127 fails to materialise.
GBP/USD saw a clear break under the 1.5871-77 floor that had been
containing weakness off the recent 1.6167 high. Mondays failure to realise
a return to 1.6200, to complete the rising phase off 1.5272, is another
warning sign of a messy sideways market, with impulsive moves failing to
materialise where expected.
We now look to see if the 1.5632 region can contain the current push lower.
Failure to hold above this level will warn that strength from 1.5272 is
complete.
The falling wedge that appears to be forming in the hourly timeframe is
suggestive of an exhaustion of the recent down phase.
Sterling is expected to stay stronger then most, should the US Dollar enterinto a strengthening phase.
S-T TREND L-T TREND STRATEGY
Await fresh signal.
GBP/USD
Bijoy Kar, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 424
GBP/USD hourly chart, Bloomberg Finance LP
GBP/USD daily chart, Bloomberg Finance LP
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Probability now favours retracement to pre-intervention levels.
USD/JPY is continuing to edge lower, with the growing probability of another
price retracement back to pre-intervention levels (PIR) and potentially even
a new post world war record low beneath 75.35 (PINL).
Furthermore, sentiment in the option markets continues to suggest that
USD/JPY buying pressure remains overcrowded as everyone in the market
continues to try and be the first to call the market bottom.
This may inspire a temporary, but dramatic, price spike through
psychological levels at 75.00 and perhaps even sub-74.00. Such a move
would help flush out a number of downside barriers and stop-loss orders,
which would create healthy price vacuum for a potential major reversal.
The medium/long-term view remains bullish, as USD/JPY verges toward a
major long-term 40 year cycle upside reversal. Expect key cycle inflection
points to trigger into November-December this year, offering a sustained
move above our upside trigger level at 80.00/60, then 82.00 and 83.30.
Keep in mind that such a scenario would help reactivate the longer-term
technical bias, including prior monthly DeMark exhaustion signals, within
the ending diagonal pattern, launching a powerful recovery into 91.00.
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 CNBC Report
S-T TREND L-T TREND STRATEGY
Awaiting Renewed Buy Trade Setup.
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 426
USD/JPY
USD/JPY daily, weekly chart, Bloomberg Finance LP
83.30
USD/JPY(Daily1 YEAR)
QUAKESHOCK!
POST INTERVENTIONRETRACEMENT (PIR I)
POSTG7
MOVE (I)HIGH
82.00
PIR II
80.24
POSTBOJ
MOVE (II)HIGH
DEMARK BUY SIGNAL AHEADOF NEW POST WWII LOW (75.35)
POSTBOJ
MOVE (III)HIGH
MONTHLY DEMARKBUYSIGNAL
USD/JPY Weekly(2007 2011)
ENDINGDIAGONAL
PATTERNBREAKOUT
TARGET(85-79)
http://www.migbank.com/research/howard/USDJPY_Verging_on_a_Major_40_Year_Cycle_Reversal.pdfhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.cnbc.com/id/45301945http://www.cnbc.com/id/45301945mailto:[email protected]:[email protected]:[email protected]:[email protected]://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.pdf8/3/2019 2011 11 17 Migbank Daily Technical Analysis Report
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Below 0.9316 suggests a corrective phase is more likely.
Strategy to buy at 0.9110 removed.
USD/CHF remains bound within the confines of the hourly channel which we
highlighted yesterday. It has been decided to remove the strategy to buy at0.9110, as a fall back down to this level, after pushing over 0.9200, would
lead to a break down in positive structure, giving the long trade a weaker
probability of success.
In fact while below 0.9316 a return to the region close to 0.8242 remains
possible. However, if a break above 0.9316 can be achieved without
breaking under 0.8568, a structural change will occur, increasing the
probability of further gains ahead.
Focus still remains on Italian and Spanish sovereign yields. Also of interestis that French government bonds are widening across the whole curve
versus their German counterparts, when compared to the spread just one
month ago. This is a further warning sign, as shown in the chart to the left.
S-T TREND L-T TREND STRATEGY
Await fresh signal.
French vs German bond yields, 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
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Bulls hold gains above psychological 1.0000 level.
USD/CADs short-term price activity remains positive, following the sharp
bullish reversal from the psychological 1.0000 level (prior trading range).
Positive momentum needs to confirm a daily close above 1.0264, then
1.0400 to rebuild the potential major upside reversal higher above the old
resistance level at 1.0673 (August high & Congestion zone).
A strong directional confirmation above here will open a much larger
recovery into 1.0850 plus. This would extend the upside breakout from the
rates ending triangle pattern, which was part of a major Elliott Wave cycle.
Only a sustained close beneath parity will unlock bearish setbacks into the
long-term 200-day MA at 0.9827 and 0.9726 (31st Aug low).
EUR/CAD is extending above its 200-day MA, within a large multi-month
trading range. Key resistance continues to hold at 1.4379 (June swing high),
which has for some time marked a strong distribution pattern.
CHF/CAD has broken through support nearby the 200-day MA at 1.1326,
following the dramatic price slide lower (triggered by the SNB intervention).
The cross-rate has now retraced more than half of its 2011 gains.
S-T TREND L-T TREND STRATEGY
Long 3: 1.0250, Objs:1.0360/1.0480/1.0670, Stop: 1.0050Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454
USD/CAD
USD/CAD daily, weekly chart, Bloomberg Finance LP
EUR/CAD and CHF/CAD daily chart, Bloomberg Finance LP
USD/CAD (Weekly)
CONFIRMATIONABOVE 1.0680
OPENSLARGER
DEMARKBUY SIGNAL
USD/CAD (Daily)
August High(1.0673)
200-DMA(0.9827)
MAJOR RESISTANCE
50%(1.3570)
61.8%
(1.3379)
EUR/CAD (Daily)
REVERSALPATTERN
CHF/CAD (Daily)
200-DMA1.1875
50%
(1.1488)
61.8%(1.0893)
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Sharp setbacks weigh.
Lowered stop to 1.0360. AUD/USDs sharp setbacks continue to weigh. The
move was triggered from key resistance at 1.0765 (01st Sept high) and is
now holding beneath the 200-day MA (1.0418).
A sustained move below here is likely to mount downside pressure on the
rates multi-year uptrend and puh back under parity, toward 0.9611.
Elsewhere, the Aussie dollar remains stable against the New Zealand dollar.
The pair is still locked within its new bear cycle structure while it holds
beneath its 200-day MA. Key support can be found at 1.2320 and 1.2100.
The Aussie dollar has reversed gains against the Japanese yen and is now
trading back below the long-term 200-day MA which is currently at 82.95.
Near-term support continues to hold at 77.63 (18th Oct low). A break here
will resume downside scope into 76.70 and signal further unwinding of risk
appetite.
S-T TREND L-T TREND STRATEGY
SHORT 2: 1.0570, Obj: 1.0010/0.9710, Stop: 1.0360
AUD/USD
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454
AUD/USD daily, weekly chart, Bloomberg Finance LP
AUD/NZD and AUD/JPY daily chart, Bloomberg Finance LP
200-DMACAPSBEARMKT
AUD/NZD(Daily)
KEY SUPPORT1.2319 / 1.2100
200-DMA
(82.95)
13
38.2%(76.70)
61.8%
(68.47)
50%(72.58)
AUD/JPY(Daily)
DEMARKSELL SIGNAL
RESUMPTION OF
BREAKDOWNADDS TO
RISK AVERSION
AUD/USD(Weekly)
38.2%(0.9144)
50%(0.8546)
61.8%(0.7947)
3 YEARUPTRENDISUNDER
PRESSURE
STRUCTURALLEVEL
KEYZONE
AUD/USD(1 YEAR) DEMARKSELLSIGNALS
200-DMA(1.0413)
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Hourly falling wedge warns of downside exhaustion.
Long stopped. Await fresh signal.
GBP/JPY has broken clearly under the 122.38/65 platform over the last two
sessions. This now warns of a breakdown in positive structure. However,the hourly timeframe is currently exhibiting a falling wedge formation which
is suggestive of a degree of downside exhaustion. We will thus await a
bounce higher ahead of the possible formulation of a short strategy.
Strictly speaking a break under 120.85 needs to be witnessed, to completely
break down the positive structure seen since 116.84.
If a push below this key level can be realised then a return back down to
116.84 would become favoured.
S-T TREND L-T TREND STRATEGY
Long stopped. 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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Initial signs of support seen close to 104.00.
EUR/JPY is currently testing the region close to 104.00. A degree of
support was anticipated here. Failure to hold above 103.41 will lead to a
complete breakdown in positive structure, with a return to 100.76 then
favoured.
Back over 106.74 is required to neutralise the outlook in the short-term.
A sustained hold over the 200 day moving average will turn the medium-
term outlook more bullish.
We will now monitor the price action close to 104.00 to try and determine if a
short-term buying opportunity will present itself.
S-T TREND L-T TREND STRATEGY
Look to see how the 104.00 region fares.
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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Return to 0.8486 and then lower now favoured.
EUR/GBP has failed to hold back over old trend line support in recent
sessions. This now warns of a return to 0.8486 and then potentially lower.
Weakness is still being contained by an hourly falling channel, with the
support of this structure currently near 0.8450. A sustained break under
0.8486 will open up a return to the January 2011 low at 0.8285.
If a large move to the downside were to materialise in this environment, it is
likely to be associated with Sterling being perceived as a safe haven. In this
respect we need to monitor the yields on Italian, French and Spanish
government bonds, noting that the ten year yield in both Italian and Spanish
sovereigns are trading above 6.00%.
In the near-term, a break back over 0.8652 is required to neutralise the
outlook once again
Failure to hold under the old double bottom and trend-line will warn of a
false break lower, with a danger that trade returns back into the old range.
S-T TREND L-T TREND STRATEGY
Short 3 at 0.8555, Objs: 0.8455/0.8285/0.8068, Stop: 0.8655EUR/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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Approaches the 1.2500 region once again.
EUR/CHF is maintaining its tight trading range just under the 1.2500 level.
It is anticipated that this zone may see a degree of resistance, particularly in
light of the movement in periphery yield spreads versus bunds. Over time,
this may lead to a renewed desire for a safe haven, with downside pressure
returning to EUR/CHF.
We would prefer to trade this from a momentum perspective, awaiting a
return to the 1.2000 region. Should a re-test of the 1.2000 region take place
with a fall under 1.1973 also following, this would warn of the end of the
recovery seen since 1.0075, increasing the probability of a return to this
level.
It remains to be seen if the SNB will be able to hold back the possible flow of
funds into Swiss Francs, that may occur, if further stresses lead to yet
higher yields in Italian government bonds.
S-T TREND L-T TREND
Sell stop 3 at 1.2130, Objs: 1.2030/1.1526/1.1002, Stop: 1.2230.
EUR/CHF weekly chart, Bloomberg Finance LP
EUR/CHF
EUR/CHF hourly chart, Bloomberg Finance LP
Bijoy Kar, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 424
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Positive for the short-term.
Short-term price activity is weakening into resistance at 1600. This may start
to weigh on constructive recovery that we have seen over the last few
weeks, following Golds dramtic 20% capitulation.
Speculative (net long) flows remain a concern having recently breached a
key downside level which may threaten over 2 years of sizeable long gold
positions.
There is heightened risk of a much larger decline if we confirm a weekly
close beneath $1600 and $1554-30 (200-day MA/swing low), which has not
been breached in 3 years!
A number of bargain hunting trend-followers will be watching this
benchmark line in the sand for repeat support or a potential big squeeze
lower into $1300 and perhaps even $1040-1000. Remember, this would still
offer a unique buying opportunity in the near future.
Please select links for in-depth Gold coverage:
Special ReportGolds mountainous peak at riskbeneath $1600 VIDEO
Bloomberg Countdown CNBC Squawk Box MIG Bank Gold Webinar video(BLOOMBERG&CNBCREPORTS)
S-T TREND L-T TREND STRATEGY
Awaiting New Sell Trade Setup.
GOLD
Gold weekly, daily chart and COT Liquidity, Bloomberg Finance LP
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454
TRENDCHANNEL(12 YEARS)
I
RISK ZONE III
CONFIRMATION BELOW $1530UNLOCKS LARGER DECLINEINTO $1300 & $1040-1000
26%
34%
20%SO FAR
25%
II
COT NET LONGSPECULATORPOSITIONS
OVER 2 YEARS OFSIZEABLE LONG
GOLD POSITIONSUNDER THREAT
IF KEY LEVEL BREAKS
200-DMANOT BROKENIN 3 YEARS!
DEMARK SIGNALWARNED OF GOLDSOVERBOUGHTCONDITIONS
BREAKOUT
$1704
$1600
DOWNSIDE: $1600 / $1530 UPSIDE: $1760 / $1844
GOLD KEY TRIGGER LEVELS
$1532
DOUBLETOP
$1760
http://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdfhttp://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdfhttp://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdfhttp://www.youtube.com/watch?v=haKdlGKWyjQ&feature=player_embedded&list=PL953E96C7BE48D2FAhttp://www.youtube.com/watch?v=haKdlGKWyjQ&feature=player_embedded&list=PL953E96C7BE48D2FAhttp://www.bloomberg.com/video/78409176/http://www.bloomberg.com/video/78409176/http://video.cnbc.com/gallery/?video=3000042202http://www.fxstreet.com/webinars/sessions/session.aspx?id=8f81a2e3-e29b-4031-b370-a85149271145http://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.cnbc.com/id/44310840http://www.cnbc.com/id/44310840http://www.cnbc.com/id/44310840mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.cnbc.com/id/44310840http://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=8f81a2e3-e29b-4031-b370-a85149271145http://video.cnbc.com/gallery/?video=3000042202http://www.bloomberg.com/video/78409176/http://www.youtube.com/watch?v=haKdlGKWyjQ&feature=player_embedded&list=PL953E96C7BE48D2FAhttp://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdf8/3/2019 2011 11 17 Migbank Daily Technical Analysis Report
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Key support at $26.0700.
Silver has developed a short-term recovery from its previous swing low at
26.0700. However, macro price structure continues to focus on the
downside risks, following the major sell-off in September.
Such a dramatic move traditionally produces volatile trading ranges. This
allows the market to have enough time to recover and accumulate renewed
buying interest.
Expect a large trading range to hold between $37.0000-26.0700 over the
multi-week/month horizon, with downside macro risk into $21.5165 (61.8%
Fib-1999 bull market) and $20.0000. This would still maintain silvers long-
term uptrend and help offer a potential buying opportunity for the eventual
resumption higher.
Continue to watch the gold-silver mint ratio which has now accelerated
higher by 67%, suggesting further risk aversion over the next few weeks.
S-T TREND L-T TREND STRATEGY
SHORT 3: 34.1300, Obj: 29.9700/26.0700/23.3400, Stop: 35.6880
SILVER
Spot Silver daily, weekly chart and Gold/Silver mint ratio, Bloomberg Finance LP
Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454
BULLMARKET
FROM1999
Silver Monthly (since 1980)
13
38.2%(32.3135)
50%(26.9150)
61.8%
(21.5165)
I
II
OVER 30YEAR BASE PATTERN
Silver HITS 1980 Spike High! DEMARKSELL SIGNAL
13 YEAR LEVEL
UNWINDING 67%FROMOVERSOLD TERRITORY
Gold/Silver "Mint" Ratio
KEYSUPPORT(26.0700)
DEMARKSELL SIGNALS
Silver (Daily)
200 DMA(36.5125)
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DAILY TECHNICAL REPORT17 November, 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 InterestsMIG BANK and/or its board of directors, executive management and employees may have or
have had interests or positions on, relevant securities.
Copyright
All material produced is copyright to MIG BANK and may not be copied, e-mailed, faxed or
distributed without the express permission of MIG BANK.
Notes: Entries are in 3 units and objectives are at 3 separate levels where 1
unit will be exited. When the first objective (PT 1) has been hit the stop will bemoved to the entry point for a near risk-free trade. When the second objective
(PT 2) has been hit the stop will be moved to PT 1 locking in more profit. All
orders are valid until the next report is published, or a trading strategy alert is
sent between reports.
DISCLAIMERNo information published constitutes a solicitation or offer, or recommendation, or advice, to
buy or sell any investment instrument, to effect any transactions, or to conclude any legal act
of any kind whatsoever.
The information published and opinions expressed are provided by MIG BANK for personal
use and for informational purposes only and are subject to change without notice. MIG BANK
makes no representations (either expressed or implied) that the information and opinions
expressed are accurate, complete or up to date. In particular, nothing contained constitutes
financial, legal, tax or other advice, nor should any investment or any other decisions be
made solely based on the content. You should obtain advice from a qualified expert before
making any investment decision.
All opinion is based upon sources that MIG BANK believes to be reliable but they have no
guarantees that this is the case. Therefore, whilst every effort is made to ensure that the
content is accurate and complete, MIG BANK makes no such claim.
LEGALTERMS
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DAILY TECHNICAL REPORT17 November, 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]