2011 11 14 Migbank Daily Technical Analysis Report
Transcript of 2011 11 14 Migbank Daily Technical Analysis Report
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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 Awaiting New Sell Trade Setup.GBP/USD LONG 3 1.6000 All three objectives at 1.6200. (Entered on 14/11/11) 1.5900USD/JPY Await New Buy Trade Setup.USD/CHF Possibly looking to sell higherUSD/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) 1.0470GBP/JPY LONG 3 122.70 124.10/126.00/127.32 (Entered on 14/11/11) 121.30EUR/JPY Possibly looking to re-sell.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 REPORT14 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).
The bearish move is now being further anchored down by heightened
European soverign debt risk after Italian Govt. yields launched above 7%.
The recent break under 1.3653 (18th Oct low) unlocks further downside
scope into 1.3146 (Oct swing low) and psychological level at 1.3000.
Further pressure is also weighing from broad risk-related proxies. The euro
currently shares a high correlation of 0.85% with the S&P500 which is now
falling sharply from its recent multi-week highs.
Inversely, USD Index has turned back higher 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 are holding steady around their 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
Exited at 1.3655. Achieved PT1 Objective.
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(1.4104)
BERMUDATRIANGLE FAILED
BREAKOUTS
UPTREND(2 YEARS)
EUR/USD (Daily)
BREAKOUTZONE
(1.4000)
SHARP REVERSALAT KEY RESISTANCE
TARGETS 1.3000 & 1.2870
+
-
USD INDEX(4 YEARS)
DEMARKBUY SIGNAL
+27% +19%
TRIGGER(15000)
COT LIQUIDITY
+10%SO FAR
3 STD ABOVEONE YEARAVERAGE
EXTREME NETUS $ SHORTPOSITIONS
KEY SUPPORT(73.50-73.00)
913
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
http://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.youtube.com/watch?v=8JxLscMBUHY&feature=player_embeddedhttp://www.youtube.com/watch?v=8JxLscMBUHY&feature=player_embeddedhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.bloomberg.com/video/75644864/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.bloomberg.com/video/75644864/http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.youtube.com/watch?v=8JxLscMBUHY&feature=player_embeddedhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdf -
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Support near 1.5853 suggests a return to 1.6200.
Long strategy raised to 1.6000, with all three objectives at 1.6200. This was
communicated to clients via e-mail and through the MT4 platform.
GBP/USD has potentially completed a corrective phase off the recent
1.6167 high, with scope now for a return to 1.6167 ahead of a test of
1.6200, where a lower high may form. However, should the 1.6200 region
be met, a degree of resistance may be encountered, for a further pullback.
This year has seen a generally range bound environment, with a return to
the highs of the annual range possible, near 1.6618/1.6747. Our bias
remains positive due to the near-term bullish structure that is in place.
While above 1.5632 further strength is favoured. However, if this region
fails to contain the current corrective phase, then the bias will turn negativeagain.
Sterling is expected to stay stronger then most, should the US Dollar enter
into a strengthening phase.
S-T TREND L-T TREND STRATEGY
Long 3 at 1.6000, All three objectives at 1.6200, Stop: 1.5900.
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, launhcing 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
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)
QUAKE
SHOCK!
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-c95e01661d21mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.migbank.com/research/howard/USDJPY_Verging_on_a_Major_40_Year_Cycle_Reversal.pdf -
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Under 0.8960 will warn of the end to the corrective phase.
Sell strategy at 0.9100 removed.
USD/CHF may have completed a symmetrical correction from the low at
0.8568, after reaching 0.9151 in recent trade. We now wait to see if the
0.9151 high can contain price on the upside.
In particular we look to see if a break under 0.8923 can be realised as this
would increase the probability of a return to weakness.
While below 0.9316, medium-term structure is suggestive of a re-test of the
zone close to 0.8242, ahead of a possible return to 0.9316. However, we
are mindful of the effect a return to 1.2000 in EUR/CHF may have in
USD/CHF. Back under 0.7712 is required to change the medium-term
bullish bias.
As Italian government bond yields have eased away from the highs, this
takes the pressure off the Swiss Franc as a safe haven, for now.
S-T TREND L-T TREND STRATEGY
Sell strategy removed for now. Possibly looking to sell higher.
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
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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 push above 1.0264 and 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 0.9823 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 is retesting its support nearby the 200-day MA at 1.1314,
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(0.9823)
200-DMA(1.3841)
MAJOR RESISTANCE
50%(1.3570)
61.8%(1.3379)
EUR/CAD (Daily)
REVERSALPATTERN
CHF/CAD (Daily)
200-DMA1.1314
50%(1.1488)
61.8%(1.0893)
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Sharp setbacks weigh.
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.
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 83.11.
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: 1.0470
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
(83.12)
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(1.0418)
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Continues to trade close to an area of potential support.
GBP/JPY continues to trade close to the 122.38/65 platform. This now
potentially completes the corrective structure that has been witnessed since
127.32, with support anticipated.
Now that the surge higher from the end of October has been unwound,
there is scope for a higher low to form, for a fresh swing to the upside. It is
this unwinding that we have been expecting ahead of any potential fresh
strength.
Bigger picture a rise towards 129.00/130.00 is possible, given the daily
structure present since 116.84. A push back under 121.39 is needed to
negate this positive structure.
S-T TREND L-T TREND STRATEGY
Long 3 at 122.70, Objs: 124.10/126.00/127.32, Stop: 121.30
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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Return to 104.73 favoured.
Remainder of short position stopped at entry.
EUR/JPY has returned to test the old hourly channel as resistance, after
peaking at formed a corrective structure in the hourly timeframe and hassubsequently broken under 106.50. This now triggers the bearish flag that
we had seen in the daily timeframe, warning of further losses towards
104.00 and possibly lower.
Yesterday saw support close to the 61.8% retrace of the 100.76 111.60
rise, after meeting 104.73. From there a test of the region close to the
38.2% retrace of the 108.25 104.73 fall has already taken place. Failure
to hold under this 38.2% retrace will warn of a minimum return to the 106.50
region.
Structure present since 108.25 also suggests scope for a further leg lower
back towards 100.76 if a sustained break under 104.75/3 can be achieved.
A sustained hold over the 200 day moving average will turn the outlook
bullish.
S-T TREND L-T TREND STRATEGY
Possibly looking to re-sell.
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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Lower high sought for fresh weakness.
EUR/GBP has managed to find a footing back over daily trend line support
that was broken last week. We wait to see if this push back higher can be
maintained on a closing basis. Of stronger significance is the push out of
the three month range seen last week, following the fall under 0.8530/31.
This now warns of a larger breakout to the downside to target
0.8285/0.8068. Such a move will be assisted by the perception of Sterling
as a safe haven, assuming the yields of Italian government bonds can stay
above 6.00%
In the near-term, a break back over 0.8652 is required to neutralise the
outlook once again. In the meantime, a lower high is sought for a further
extension lower.
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.
Scope is seen for a near-term return to 0.8486.
S-T TREND L-T TREND STRATEGY
Short 3 at 0.8555, Objs: 0.8455/0.8285/0.8068, Stop: 0.8655
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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Continued resistance expected close to 1.2500.
EUR/CHF has remained strong, particularly in light of the movement in
Italian government bond markets, where 10 year yields are maintaining a
foothold over 6.00%. Over time, this may lead to a renewed desire for a
safe haven, with downside pressure returning to EUR/CHF.
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.
In any case, strong resistance is anticipated should this rate reach the
1.2500 zone. The recent failure to maintain trade above the 50 week
moving average is also noted.
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.
Gold remains fragile after its dramatic 20% price fall, which helped confirm
the extreme overbought conditions (marked by DeMark indicators). This
also timed a key cycle peak, ahead of that all-important $2000 glass-ceiling.
However, short-term price activity is building constructively higher around
key level at 1760. A sustained move above here would open moves into
1844.
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).pdf -
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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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Notes: Entries are in 3 units and objectives are at 3 separate levels where 1
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