www.chartoutlook.

com
www.rolfbertschi.ch

3rd July 2017

Issue #13

Global Chart Outlook 1 July 2017 1

Sample Chart APPLE with cumulated Short-term, Medium-term and Long-term Momentum
Long-term Momentum
GREEN: Long term is 18-36 months APPLE INC, MAVM, MAVM+W, MAVM+W+D
165
from low to low and referred to as SHORT MEDIUM LONG
3 160
LT or LTMom. 18000
Medium-term Momentum TERM TERM TERM
155
BLUE: Medium term is ~12-24 weeks SCORE INDEX RIC PRICE RATING RATING RATING
and referred to as MT or MTMom. 150
16000 5 APPLE INC/d /AAPL.O 143.68 0 - +
Short-term Momentum 145
RED: Short term is ~20-30 days and
referred to as ST or STMom. 140
SELL signals
SELL signals are given by
14000
4? 135
1) STMom Downturn. 130
2) STMom cross below MTMom 12000
(checking if the MTMom Reversal is 2 125
wthin striking distance). 3 1 120
3) MTMom Downturn. 10000 1 SELL signals
4) LT Mom Downturn. 4 115
5) MTMom cross below LTMom. 5 110
8000 2 3 105
BUY signals are given by
1) STMom Upturn.
2) STMom cross above MTMom.
Short-term
Momentum
2 1 100
6000
(checking if the MTMom Reversal is (MAVM+W+D) 95
wthin striking distance). 90
3) MTMom Upturn.
4) MTMom cross above LTMom. 4000 85
5) LTMom Bottom.
80
My Technical Model has 3 RATINGS2000 Medium-term
75
+ (equals UP or POSITIVE) Momentum
0 (equals FLAT or NEUTRAL) (MAVM+W) 70
- (equals DOWN or NEGATIVE) 0 65
The Rating CHANGES 60
d means a downgrade by one notch
from the previous Chart Outlook. -2000 55
dd means a downgrade by two notches. Long-term Momentum 50
u and uu denotes the upgrades.
(with Zero line) 4 45
BUY signals 13 5
The SCORE (MAVM)
A Score is given for each stock. The
maximum bullish score is 18. The neutral 2014 2015 2016 2 2017 2
range is 7 to 10. The bearish range is 9 to 0.
Global Chart Outlook 1 July 2017 2
Sample Chart APPLE with Momentum REVERSALs The Reversal indicates the level at which the present trend
of the respective momentum indicator would change
On page 2 I explain the mechanism of direction and thus trigger a new Buy or Sell signal.
the 3 momentum indicators, the Long- 160 160
term Indicator, the Medium-term
Indicator and the Short-term Indicator. 155 155
These 3 indicators are based on simple
rate-of-change calculations with a 150 150
smoothing mechanism so that they Reversal Level to the
145 145
provide clear Buy and Sell signals. Short-term Momentum
The signals are given whenever the 140 Indicator 140
momentum indicator changes
direction. 135 135
On this page I introduce you to the
reversal concept. 130 130
On the chart at right, the bottom chart 125 125
shows the 3 momentum indicators. The Reversal Level to the
chart above shows the price of Apple 120
Medium-term Momentum 120
together with the three Reversal. Indicator
115 115
The Long-term Momentum Indicator 110 110
(bottom green) is rising. Presently, it Reversal Level to the
would take a decline in the price of 105 Long-term Momentum 105
Apple below the LONG-TERM Indicator
REVERSAL at 123 for the Long-term 100 100
Momentum Indicator to turn down and 95 95
signal a new long-term downtrend.
90 90
The Medium-term Indicator (bottom
blue) has been rising since December 5500
3500
2016. This is why the MEDIUM-TERM Medium-term 5000
REVERSAL has been positioned below 3000
the price. On Friday, 9th June 2017 the Momentum 4500
price crossed below the Medium-term 2500 4000
Reversal. This indicates that the Short-term 3500
Medium-term Momentum Indicator has 2000
Momentum 3000
turned down and signaled a medium- 1500
term correction/downtrend. Long-term Momentum 2500

1000 (with Zero line) 2000

The Short-term Momentum Indicator is 1500
declining. On the same day (9.6.2017) 500
1000
the price crossed below the SHORT-
TERM REVERSAL. This was the point 0 500
the Short-term Momentum Indicator -500
0
turned down to signal a short-term -500
decline. Presently, it would require a
rise above 154 to signal a new short- 7 February March April May June July August
term uptrend.

Global Chart Outlook 1 July 2017 3

The S&P 500 Index (slides 5 and 6) will confirm the downtrend if 2400 breaks. The downward pressure will intensify if 2385/2355 fails to
hold. Alphabet (slide 10) will turn down medium- and long term if the supports 920 and 900 break. Such breaks of the key supports would
eliminate the outlook of Wave 5 up until September/October.

The USD/CHF (slide 11) seems to have turned down in a major way. A loss of support 0.9550 will turn the medium-term outlook negative.
For the long-term outlook it is the support at 0.94.
The medium-term uptrend in the US T-Notes Yield (slide 12) is gaining strength. The Medium-term Rating is upgraded to UP. A break of
2.30% will confirm the medium-term uptrend. The long-term resistance is 2.45%.
The Future price (slide 13) has topped as expected below 128 and turned down. With this downturn also the Utility stocks have broken
downwards. Support in the continuous Future is 124.50 and 124.

The CRB Index (slide 14) turned up at the exact long-term support 166/165. It is upgraded to medium-term FLAT and is close to another
upgrade to UP if 177 breaks. My long-term bearish outlook is under review.
Crude oil (slide 15) has turned upwards from just above support 41. It is upgraded to medium-term FLAT and is close to UP if 47/48 is
cleared.
Gold (slide 16) could see another short-term rebound. The fact that Gold managed to hold ground over the last 3 months while momentum
was down is a potentially bullish signal. My long-term outlook remains negative, but is under review. Obviously, a more bullish Gold-view
would be supported by a USD decline below CHF 0.94.
The Bitcoin (slide 17) is likely to remain in a wide trading range. Higher targets are likely later this year.

The SMI (slides 18 and 19) re-entered the corrective pattern. A break of 8700/8550 would signal that the major trend has turned down.
Lower supports are 8200 and 8100.
EUR/CHF (slide 20) managed to hold medium-term support around 1.0850 and turned up again. Now, it requires a break of 1.10 to signal
higher targets.

The FTSE (slide 24) turned down from the Wedge as I expected. It is testing the lower end of its Wedge at 7300 and will turn down if
support 7200 breaks. The FTSE is among the first indices to have turned down the Medium-term and Long-term Momentum Indicators.
I gave the GBP/USD (slide 25) another week to confirm my bullish outlook, and it confirmed. The next resistance is 1.33.
The same holds true for the EUR/USD (slide 28) which cleared 1.13. It is upgraded to Long-term UP.
The DAX (slides 26 and 27) finally turned down from resistance 13,000. A break of 11,900 will negate the scenario of Wave 5 higher until
4Q. Among the single European stocks there are only 8 stocks that still have a positive Score.
The Nikkei 225 Index (slide 32) entered a mild correction below long-term resistance 20,500. Key support to watch is 19,000.

Most stock markets have triggered the 3 Signals of a medium-term top: 1) Short-term Momentum peak followed by 2) a Medium-
term Momentum peak and 3) a crossing of the STMom below the MTMom. The FTSE is the first among the big indices to already
trigger Signal 4, i.e. the Long-term momentum top and is close to the final Signal 5, i.e. the MTMom cross below the LTMom. July
will be the critical month to decide if the present correction is Wave 4, still to be followed by Wave 5 upwards until 4Q or, if a bear
market is already in the making. Therfore, you should focus on the key support levels to take appropriate action.

Global Chart Outlook 1 July 2017 4

S&P 500 Index
The SPX is downgraded to MEDIUM-TERM DOWN and remains LONG-TERM UP unless 2320 breaks.
The SPX has been correcting since 20th June 2017. Most likely, the SPX is tracing out wave 4 of its uptrend from 2016. The
5-Minute chart on the next page shows the details of the correction. If the SPX breaks below 2400 it will be quite clear that the
correction is of medium-term degree. The next lower support is at 2385 and then 2355. The SPX must not fall below 2355/2320 or
the correction will embark upon a long-term downtrend. This would eliminate the reward of Wave 5.
S&P 500 INDEX, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT, REV_New_LT
5?
2550
5500

5000
3 2500

2450

4500 2400

2350
4000

3500
4? 2300

2250

3000
1 2 2200
3?
1 2150
2500
2100

2000
2 2050

2000
1500
1950
1000
1900

500 1850

1800
0
1750
-500
1700

2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 1 July 2017 5

S&P 500 Index 5-Minute chart

S&P 500 INDEX

2460
2455
2450
2445
2440
2435
2430
2425
2420
2415
2410
2405
2400
2395
2390
2385
2380
2375
2370
2365
2360
2355
2350
2345
17 18 19 22 23 24 25 26 30 31 June 5 6 7 8 9 12 13 14 15 16 19 20 21 22 23 26 27 28 29 30 July

Global Chart Outlook 1 July 2017 6

US Stocks (A to H) SHORT MEDIUM
TERM TERM
LONG
TERM RECOMMENDED RECOMMENDED
SCORE INDEX RIC PRICE RATING RATING RATING COMMENT DATE PRICE PROFIT & LOSS

15 3M COMPANY/d /MMM.N 207.85 d- + + Support to SELL 208, 204.

17 ABBVIE/d /ABBV.N 72.48 + + + Short-term stretched.
17 ALLERGAN PLC/d /AGN.N 244.02 + + + Next resistance 260, 285. 23.06.2017 247.00 -1.21%
6 ALPHABET INC A/d /GOOGL.O 937.82 - d- + Sold off to key support 937/932. Next Sell <920.
10 ALTRIA GROUP/d /MO.N 74.4 - + + SELL if 74.50, 72.70 break. Support 70.
8 AMAZON COM/d /AMZN.O 975.93 u0 0 + Trading range <1020 and >960. Support 925, 870.
6 AMER ELEC PWR/d /AEP.N 69.6 - d- + Support and SELL 70.50, 69. Support 67
15 AMER TOWER CP/d /AMT.N 132.82 + + + Extended. Correction pending.
17 AMGEN/d /AMGN.O 172.59 + + + Next resistance 177, 183, 186. 23.06.2017 173.00 -0.24%
3 ANHEUSER-BUSCH/ /BUD.N 110.66 0 - d0 Still correcting. Support 112, 106, 97.
5 APPLE INC/d /AAPL.O 143.68 0 - + Major supports are at 141, 136 and 126/124.
0 AT&T/d /T.N 37.62 - - - Resistance 38.60, 39.10.
18 BANK OF AMERIC/d /BAC.N 24.32 u+ + u+ Must clear 24.50, 26 or a top will be signaled.
14 BERKSHRE CL B/d /BRKb.N 169.3 u0 + 0 Watch supports 166, 162.
16 BOEING CO/d /BA.N 197.46 d0 + + Reached long-term resistance 200. SELL <195/191, 185, 175.
18 CATERPILLAR IN/d /CAT.N 105.64 uu+ + + Downturn and SELL <101, 97. Support 90.
3 CHEVRON/d /CVX.N 104.12 - 0 - Disapointing short-term rally. SELL <102, 100.
0 CISCO SYSTEMS/d /CSCO.O 31.41 dd- - - Remains in a correction. Support 30, 27, 25.50.
18 CITIGROUP/d /C.N 66.98 + + + Reached long-term resistance 65.20. Next res 74, 85.
9 COCA-COLA CO/d /KO.N 44.83 - d0 + Resistance 45.70, 46.10. Support 45, 44.50, 44.10.
4 COMCAST CORP A/d/CMCSA.O 38.87 - - d0 Break of 40 signaled peak in place. Support 39.10, 37.50.
18 CONOCOPHILLIPS/d /COP.N 44.08 + + + Likely downgrade < 42, 39. Support 34.50.
10 CROWN CASTLE/d /CCI.N 100.03 d0 d0 + Downgrade likely <100, 97.50. Support 94.
18 CVS HEALTH CRP/d /CVS.N 80.27 + + + Trading range likely to extend downwards.
0 DOMINON ENRG I/d /D.N 77.06 - - d- SELL 77.50. Support 76, 75, 71.
13 DOW CHEMICAL C/d /DOW.N 62.71 - + d0 Downgrade and SELL <62.80. Support 59, 55.50.
13 DU PONT CO/d /DD.N 80.46 - + d0 Downgrade if 80.30 breaks. Support 78.50, 75.50, 70.50.
4 DUKE ENERGY/d /DUK.N 84.03 - dd- d0 SELL <85.50/40. Support 84.50, 82.70.
9 EOG RESOURCES/d /EOG.N 90 u+ uu+ - Support 85, 77, 57.
8 EQUINIX INC/d /EQIX.O 421.28 d0 0 + Downgrade likely <432.50, 427. Support 417.
10 EXELON CORP/d /EXC.N 35.84 dd- + d0 Resistance 38.
3 EXXON MOBIL/d /XOM.N 80.7 - u0 - Support 80.70, 80, 79.20.
8 FACEBOOK INC A/d /FB.O 151.04 u0 0 + More weakness to come <149, 144.50.
0 GENERAL ELEC C/d /GE.N 27.02 - - - SELL with break of support 27. Lower support 24.50, 19.50.
4 HALLIBURTON CO/d /HAL.N 42.42 u0 u0 - Likely to fall to long-term support 41/39 or 30/27.
6 HOME DEPOT INC/d /HD.N 152.16 - - + Broke support 154.50. Next supports 150, 147, 144.
15 HONEYWELL INTL/d /HON.N 132.32 - u+ + Next downgrade likely / SELL <131, 129.

Global Chart Outlook 1 July 2017 7

US Stocks (I to Z) SHORT MEDIUM
TERM TERM
LONG
TERM RECOMMENDED RECOMMENDED
SCORE INDEX RIC PRICE RATING RATING RATING COMMENT DATE PRICE PROFIT & LOSS
6 INTL BUS MACHI/d /IBM.N 154.13 dd- + - Upgraded for a consolidation.
0 INTEL CORP/d /INTC.O 33.54 - - - Remains in a medium-term correction.
10 JOHNSON JOHNSO /JNJ.N 132.64 dd- + + Watching support 132, 128, 125.50.
18 JPMORGAN CHASE/ /JPM.N 91.15 + + + Resistance 89.50.
7 LOCKHEED MARTI/d /LMT.N 276.73 d- 0 + Downgraded again. Watch support and SELL <270, 260, 245.
10 MASTERCARD I O/d /MA.N 121.51 d0 d0 + SELL if supports 121, 118.50 break. Lower sup 115.50, 108.
17 MCDONALD'S COR/d /MCD.N 153.13 + + + Buying climax, Support and SELL 150.50, 146.50, 143.50.
17 MEDTRONIC PLC/d /MDT.N 88.71 + + + Supports 87.60, 86.50, 84.50.
10 MERCK & CO/d /MRK.N 64.34 dd- + d0 Supports 64.50, 63.20, 58.20. SELL 63. 23.06.2017 65.85 -2.29%
7 MICROSOFT CP/d /MSFT.O 68.49 u0 d- + Broke 69.50. SELL 68.50, 66.70. Support 64.
13 MONSANTO CO/d /MON.N 118 uu+ + + Uptrend slowing. Correction and SELL <114, 112.
9 NEXTERA ENERGY/d /NEE.N 139.97 dd- d0 + Supports to SELL <140.50, 138.20, 134.
18 ORACLE CORP/d /ORCL.N 50.2 + + + Uptrend continues. Res 47.60. SELL <43.
0 PBL STG MLD/d /PSA.N 207.57 d- - - Downgraded. Support 200.
9 PEPSICO INC/d /PEP.N 115.18 - 0 + SELL <115.20, 113.50, 111.50/110.50.
15 PFIZER INC/d /PFE.N 33.63 + + 0 Remained below >34.30 on 23.6.2017. Support 33.40, 32.70.
2 PG&E CORP/d /PCG.N 66.1 - - 0 SOLD < 67.70. Next downgrade / SELL <65, 62.30.
9 PHILIP MORRIS/d /PM.N 117.08 - 0 + SOLD < 119.50. Next downgrade / SELL <117.50, 114, 108.50.
15 PRICELINE GRP/d /PCLN.O 1876.99 + + + Downgrade likely / SELL <1835, 1820, 1790, 1740.
0 PROCTER & GAMB/d /PG.N 86.99 - dd- d- Downgrade likely / SELL <88.30, 87.20, 86.50.
15 PROLOGIS/d /PLD.N 58.69 + + + Downgrade likely <58.50, 57.30, 54.70, 53.
1 SCHLUMBERGER L/d /SLB.N 65.38 u0 - - Long-term support zone 65 to 62.
11 SIMON PROP GRP/d /SPG.N 162.58 + + - ADD to positions if 165 breaks. Support 157. 23.06.2017 159.50 1.93%
0 SOUTHERN/d /SO.N 48.29 - - - SOLD <50.90, 50.55 and 50.30. Support 49.30, 47.50, 45.00.
1 SUNCOR ENERGY/d /SU.N 29.43 0 - - Major support 28. Next lower sup 26, 24.50, 21.
16 TIME WARNER IN/d /TWX.N 99.78 uu+ + u+ Upside potential seems limited.
7 UNION PACIFIC /d /UNP.N 107.89 - u0 u0 Entered a consolidation.
15 UNITED PARCEL /d /UPS.N 109.78 u+ + + Short-term rebound within complex correction.
18 UNITED TECH CP/d /UTX.N 121.65 + + + Likely to test res 124/25.
18 UNITEDHEALTH G/d /UNH.N 185.27 + + + Downgrade likely and SELL <180. Support 177, 172, 164.
11 US BANCORP/d /USB.N 51.78 uu+ u+ - Likely to spend more time in consolidation.
0 VERIZON COMMS/d /VZ.N 44.41 - - - Downtrend from June 2016 still in place.
10 VISA INC/d /V.N 94.42 d0 d0 + Will have signaled a top <93.50/92.
5 WALT DISNEY CO/d /DIS.N 105.71 u+ - 0 Major support 102, 100, 94.
13 WASTE MANAGEMN /WM.N 73.02 - + 0 Uptrend slowing. Upgrade could be short-lived.
18 WELLS FARGO & /d /WFC.N 55.78 u+ + u+ Trading range.

Global Chart Outlook 1 July 2017 8

US Stocks (listed according to the Score from 18 to Zero)
SCORE COMPANY RIC PRICE ST MT LT SCORE COMPANY RIC PRICE ST MT LT
BANK OF AMERIC/d /BAC.N 24.32 10 MASTERCARD I O/d /MA.N 121.51 d0 d0 +
18 u+ + u+
CATERPILLAR IN/d /CAT.N 105.64 10 MERCK & CO/d /MRK.N 64.34 dd- + d0
18 uu+ + +
CITIGROUP/d /C.N 66.98 10 VISA INC/d /V.N 94.42 d0 d0 +
18 + + +
CONOCOPHILLIPS/d /COP.N 44.08 9 COCA-COLA CO/d /KO.N 44.83 - d0 +
18 + + +
CVS HEALTH CRP/d /CVS.N 80.27 9 EOG RESOURCES/d /EOG.N 90 u+ uu+ -
18 + + +
JPMORGAN CHASE/ /JPM.N 9 NEXTERA ENERGY/d /NEE.N 139.97 dd- d0 +
18 91.15 + + + PEPSICO INC/d
18 ORACLE CORP/d /ORCL.N 50.2 + + + 9 /PEP.N 115.18 - 0 +
UNITED TECH CP/d /UTX.N 9 PHILIP MORRIS/d /PM.N 117.08 - 0 +
18 121.65 + + + AMAZON COM/d /AMZN.O 975.93
18 UNITEDHEALTH G/d /UNH.N 185.27 + + + 8 u0 0 +
WELLS FARGO & /d /WFC.N 8 EQUINIX INC/d /EQIX.O 421.28 d0 0 +
18 55.78 u+ + u+ FACEBOOK INC A/d /FB.O 151.04
17 ABBVIE/d /ABBV.N 72.48 + + + 8 u0 0 +
ALLERGAN PLC/d /AGN.N 244.02 7 LOCKHEED MARTI/d /LMT.N 276.73 d- 0 +
17 + + +
AMGEN/d /AMGN.O 172.59 7 MICROSOFT CP/d /MSFT.O 68.49 u0 d- +
17 + + +
MCDONALD'S COR/d /MCD.N 7 UNION PACIFIC /d /UNP.N 107.89 - u0 u0
17 153.13 + + + ALPHABET INC A/d /GOOGL.O 937.82
17 MEDTRONIC PLC/d /MDT.N 88.71 + + + 6 - d- +
BOEING CO/d /BA.N 197.46 6 AMER ELEC PWR/d /AEP.N 69.6 - d- +
16 d0 + +
TIME WARNER IN/d /TWX.N 6 HOME DEPOT INC/d /HD.N 152.16 - - +
16 99.78 uu+ + u+ INTL BUS MACHI/d /IBM.N 154.13
15 3M COMPANY/d /MMM.N 62.71 d- + + 6 dd- + -
AMER TOWER CP/d /AMT.N 132.82 5 APPLE INC/d /AAPL.O 143.68 0 - +
15 + + +
HONEYWELL INTL/d /HON.N 132.32 5 WALT DISNEY CO/d /DIS.N 105.71 u+ - 0
15 - u+ +
PFIZER INC/d 4 COMCAST CORP A/d/CMCSA.O 38.87 - - d0
15 /PFE.N 33.63 + + 0 DUKE ENERGY/d /DUK.N 84.03
15 PRICELINE GRP/d /PCLN.O 1876.99 + + + 4 - dd- d0
PROLOGIS/d 4 HALLIBURTON CO/d /HAL.N 42.42 u0 u0 -
15 /PLD.N 58.69 + + + ANHEUSER-BUSCH/ /BUD.N 110.66
15 UNITED PARCEL /d /UPS.N 109.78 u+ + + 3 0 - d0
BERKSHRE CL B/d /BRKb.N 169.3 3 CHEVRON/d /CVX.N 104.12 - 0 -
14 u0 + 0
DOW CHEMICAL C/d /DOW.N 62.71 3 EXXON MOBIL/d /XOM.N 80.7 - u0 -
13 - + d0
DU PONT CO/d /DD.N 80.46 2 PG&E CORP/d /PCG.N 66.1 - - 0
13 - + d0
MONSANTO CO/d /MON.N 1 SCHLUMBERGER L/d /SLB.N 65.38 u0 - -
13 118 uu+ + + SUNCOR ENERGY/d /SU.N
13 WASTE MANAGEMN /WM.N 73.02 - + 0 1 29.43 0 - -
SIMON PROP GRP/d /SPG.N 0 AT&T/d /T.N 37.62 - - -
11 162.58 + + - CISCO SYSTEMS/d /CSCO.O 31.41
11 US BANCORP/d /USB.N 51.78 uu+ u+ - 0 dd- - -
ALTRIA GROUP/d /MO.N 74.4 0 DOMINON ENRG I/d /D.N 77.06 - - d-
10 - + +
CROWN CASTLE/d /CCI.N 100.03 0 GENERAL ELEC C/d /GE.N 27.02 - - -
10 d0 d0 +
EXELON CORP/d /EXC.N 35.84 0 INTEL CORP/d /INTC.O 33.54 - - -
10 dd- + d0
JOHNSON JOHNSO /JNJ.N 0 PBL STG MLD/d /PSA.N 207.57 d- - -
10 132.64 dd- + + PROCTER & GAMB/d /PG.N
0 86.99 - dd- d-
0 SOUTHERN/d /SO.N 48.29 - - -
0 VERIZON COMMS/d /VZ.N 44.41 - - -

Global Chart Outlook 1 July 2017 9

Alphabet
Alphabet is downgraded to MEDIUM-TERM DOWN and will be downgraded to LONG-TERM DOWN below 920.
Alphabet will trigger the neckline of a Head & Shoulder top if 920 breaks. The Long-term Momentum Reversal is at 900.

ALPHABET INC A, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT 1030

9500 1020
1010
9000 1000
990
8500 980
970
960
8000 950
940
7500 930
920
7000 910
900
6500 890
880
6000 870
860
850
5500 840
830
5000 2 820
3 810
4500 1 800
790
4000 780
770
3500 760
750
740
3000
730
720
2500 710
700
2000 690
680
1500 670
660
1000 650

2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 1 July 2017 10

US Dollar / Swiss franc
USD/CHF remains MEDIUM-TERM and LONG-TERM NEUTRAL.
My upgrade to medium-term neutral in my latest Outlook was slightly misplaced because the Short-term Momentum Indicator
turned down again on 23.6.2017, which was the day after publication. Now, the USD/CHF is testing the lower end of the support
zone around 0.9550, a break of which would signal next support at 0.94. The medium-term momentum pressure remains to the
downside unless the USD can rise above the MTMom Reversal at 0.98. The loss of 0.94 would signal a long-term downgrade.
FOREX CHF=, REV_New_MT_LT
1.040 1.040
1.035 1.035
1.030 1.030
1.025 1.025
1.020 1.020
1.015 1.015
1.010 1.010
1.005 1.005
1.000 1.000
0.995 0.995
0.990 0.990
0.985 0.985
0.980 0.980
0.975 0.975
0.970 0.970
0.965 0.965
0.960 0.960
0.955 0.955
0.950 0.950
0.945 0.945
0.940 0.940
0.935 0.935
1100 MAVM, MAVM+W, MAVM+W+D 1100
1000 1000
900 5 900
800 800
700 2 3 700
600 4 600
500 500
400 1 400
300 300
200 200
100 100
0 0
-100 -100
-200 -200
-300 -300
-400 -400
2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 1 July 2017 11

US 10-year Treasury Notes Yield
The Treasury Yield is upgraded to MEDIUM-TERM UP and remains LONG-TERM NEUTRAL.
The Yield managed to rise to resistance 2.30%, a break of which will signal that the medium-term uptrend is gaining strength.
The Medium-term Momentum Indicator remains in the uptrend unless the Yield falls back below 2.05%. Such a decline is rather
unlikely at this point, which is why the medium-term uptrend is gaining more credibility. The Long-term Rating is likely to be
upgraded if 2.45% breaks.
US 10Y T-NOTE, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT
9500 2.95
9000 2.90
8500 2.85
2.80
8000 2.75
7500 2.70
7000 2.65
2.60
6500
2.55
6000 2.50
5500 2.45
5000 2.40
2.35
4500 2.30
4000 2.25
3500 2.20
2.15
3000 2.10
2500 2.05
2000 2.00
1.95
1500
1.90
1000 1.85
500 1.80
1.75
0
1.70
-500 1.65
-1000 3 1.60
-1500 1 2 1.55
1.50
-2000 1.45
-2500 1.40
-3000 1.35
1.30
-3500 1.25
-4000 1.20
-4500 1.15
1.10
-5000
1.05
2016 F M A M J J A S O N D 2017 F M A M J J A S O N

Global Chart Outlook 1 July 2017 12

US 10-year T-Notes Future
The Treasury Future is downgraded to MEDIUM-TERM DOWN and remains LONG-TERM NEUTRAL.
The Future failed to clear resistance 127.50 und turned down. The Medium-term Momentum Indicator remains in the downtrend
unless the Future can rise back above 127.50. Such a rise is rather unlikely for the next possible short-term rally, which is why the
medium-term downtrend is gaining more credibility. The Long-term Rating is likely to be downgraded if 124.50 breaks.

1450 10YR TNotes SEP7, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT 135.0

1400 134.5
1350 134.0
1300 133.5
1250 133.0
1200
132.5
1150
1100 132.0
1050 131.5
1000 131.0
950 130.5
900 130.0
850
129.5
800
750 129.0
700 128.5
650 128.0
600 127.5
550 127.0
500 126.5
450
126.0
400
350 125.5
300 125.0
250 124.5
200 124.0
150 2 123.5
100 3 123.0
50
0
1 122.5
-50 122.0
-100 121.5
-150 121.0
-200 120.5
-250 120.0
-300
119.5
-350
-400 119.0
-450 118.5

2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 1 July 2017 13

Commodity Research Bureau Index
The CRB Index is upgraded to MEDIUM-TERM FLAT and remains LONG-TERM DOWN unless 186 breaks.
The CRB is rebounding off its long-term support around 165. A break above 177 will signal a medium-term uptrend with a
respective rating upgrade. This would question the long-term downtrend. A break above 186/190 will cross the Long-term
Momentum Reversal and signal that the Long-term Momentum triggers a new uptrend signal. This would reverse my bearish
outlook that I have posted since the April top.
1000 TR/CC CRB ER, MAVM, MAVM+W, MAVM+W+D, REV_New_LT, REV_New_MT_LT

215
500
210
0
205
-500
200
-1000
1 195
-1500 2?
190
-2000
185
-2500
180

-3000
175

-3500
170

-4000
165

-4500
160

-5000 155

-5500 150

-6000 145
2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 1 July 2017 14

Crude Oil Continuous Future
Crude Oil is upgraded to MEDIUM-TERM FLAT and for now remains LONG-TERM DOWN.
If the present short-term rally crosses the Medium-term Momentum Reversal it would signal a new uptrend and clearly question
my long-term bearish outlook. Moreover, a crossing above the Long-term Reversal at 53 would signal a resumption of the uptrend
in the Long-term Momentum Indicator. For the present, the rally is not more than just one of these tricky short-term moves,
which have unfolded since June 2016.
16500 LIGHT CRUDE AUG7, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT, REV_New_LT
16000
15500
15000
14500
14000
55
13500
The short-term decline which was signaled in mid-April has left the
13000 medium-term downtrend from February intact. It is likely to take Oil
12500
12000 lower to test key support at 45.50 to 44, a break of which would
11500 signal lower levels around 37. 50
11000
10500 It would take a rise above 53 and 55.50 for Oil to negate the bearish
10000
9500
trend.
9000 45
8500
8000
7500
7000
6500 40
6000
5500
5000
4500
4000 35
3500
3000
2500
2000
1500
1000
30
500
0
-500
-1000
-1500 25
-2000 1
-2500
-3000 2?
-3500
-4000 20
-4500
-5000
-5500

2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 1 July 2017 15

Gold Spot Price
Gold is upgraded to MEDIUM-TERM FLAT and remains LONG-TERM FLAT.
A short-term low is pending for Gold. The magnitude of the June decline has been rather muted given the size of the decline in
the Short-term Momentum Indicator. Also, Gold is holding well above 1230. This seems to limit the downside risk for now, which
is why I am upgrading Gold to medium-term neutral. If it crosses above the MTMom Reversal at 1310 I will look for a new upgrade.
The same holds true for the LTMom Reversal at 1370, a break of which would be required to signal a new long-term uptrend.
PREC.M.XAU=, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT, REV_New_LT 1450

4500
1400

4000
1350

3500
1300

3000

1250
2500 2
1200
1 3
2000

1150
1500

1100
1000

1050
500

1000
0

-500 950

2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 22 June 2017 16

Bitcoin Investment (GBTC.PK)
Bitcoin is rated MEDIUM-TERM and LONG-TERM NEUTRAL.
Following the surge in April and May the Bitcoin is likely to remain in a lengthy trading range. The long-term uptrend is likely to
resume later this year unless the support at 300 fails to hold.

BITCOIN INVT TR BITCOIN INVT TR

600

500
500

400

400

300

300
200

100
200

15 22 30 5 12 19 26 2 2
2016 M A M J J A S O N D 2017 M A M J J A S O N June July

Global Chart Outlook 1 July 2017 17

Swiss Market Index SMI
The SMI remains MEDIUM-TERM NEGATIVE while remaining LONG-TERM POSITIVE unless 8700 breaks.
Even with the jump in Nestl to 86 did the SMI again fail to break the major resistance cluster 9150/9200. It is falling back to the
lower end of the trading range. The details of the chart pattern are seen on the next page. Bearish signals will be triggered if the
SMI breaks below 8900, 8700, and 8550. The STMom is topping and the MTMom Reversal is within striking distance at 8710.
This means that Signal 2, i.e. the MTMom top will be triggered if 8700 breaks.
SMI PR, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT 9700
9600
4500 9500
9400
4000 9300
9200
3500 9100
9000
3000 8900
8800
8700
2500
8600
2? 8500
2000
8400
1 8300
1500 8200
8100
1000 8000
7900
500 7800
7700
0 7600
7500
7400
-500
7300
7200
-1000
7100
7000
-1500 6900

2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 1 July 2017 18

SMI Hourly chart

SMI PR 9250
9200
9150
9100
9050
9000
8950
8900
8850
8800
8750
8700
8650
8600
8550
8500
8450
8400
8350
8300
8250
8200
8150
8100
8050
8000
7950
7900
7850
7800
7750
7700
7650
7600
7550
7500

tober November December 2017 February March April May June July

Global Chart Outlook 1 July 2017 19

Euro / Swiss franc
EUR/CHF remains MEDIUM-TERM and LONG-TERM UP.
The Euro managed to hold key support around 1.0850. This allows me to maintain my bullish outlook from 4th May 2017 at 1.0750
and 1.0850. A test of major resistance is pending around 1.10. Such a break would lend more credence to the long-term uptrend
towards 1.1150 or higher. The support is at 1.0830.

1.125 FOREX EURCHF=, REV_New_MT_LT 1.125

1.120 1.120
1.115 1.115
1.110 1.110
1.105 1.105
1.100 1.100
1.095 1.095
1.090 1.090
1.085 1.085
1.080 1.080
1.075 1.075
1.070 1.070
1.065 1.065
1.060 1.060
1.055 1.055

400 MAVM, MAVM+W, MAVM+W+D

300 300
200
100 200
0
-100 100
-200
-300 0
-400
-500 -100
-600
-700 -200
-800
-900 -300
-1000
-1100 5 -400
-1200
2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar
1 3May
Apr 4 Jun Jul Aug Sep Oct Nov
2
Global Chart Outlook 22 June 2017 20
Swiss stocks A to O
SHORTMEDIUM LONG
TERM TERM TERM RECOMMENDED RECOMMENDED
SCORE INDEX RIC PRICE RATINGRATINGRATING COMMENT DATE PRICE PROFIT & LOSS

2 ABB LTD N/d /ABBN.S 23.68 d- d- 0 Major res 25 and 26.20/70. SELL if 23.80/50 and 22.90 breaks.
4 ACTELION HLDG/d /ATLN.S 267.75 dd- d- +
6 ADECCO N/d /ADEN.S 72.9 d- - + SELL signals if supports 71.70, 70, 68.50, 65 break.
0 ARYZTA AG/d /ARYN.S 31.53 - - - Trading range between 34.50 and 29.
9 BALOISE HLD N/d /BALN.S 148.2 - 0 + SOLD 155. Next downgrades if 146 breaks. Sup 141.
2 BARRY CALLEBAU/d /BARN.S 1318 d- - 0 SOLD <1345. More weakness upon break <1315, 1260.
18 CLARIANT N/d /CLN.S 21.12 + + + SELL if 19.90, 19.10 breaks. Resistance 21.70, 23.0
14 CS GROUP AG/d /CSGN.S 13.86 + + 0 Managed to hold 13/12.90 and is heading for res 13.90/14.50.
6 DUFRY AG/d /DUFN.S 157.1 - - + SELL <155 and 151. Support 143.
4 FISCHER N/d /FIN.S 928.5 - d- u+ Break of 910, 890 and 855 will trigger MT and LT SELL signals.
0 VIFOR PHARMA/d /VIFN.S 105.7 - - - Waiting for bottom signals.
4 GEBERIT N1/d /GEBN.S 447.2 d- dd- 0 Touched briefly the SELL level <450. Supports 448/444, 430, 422.
4 GIVAUDAN N/d /GIVN.S 1918 - - 0 SOLD <1960 and 1925. Next support 1870, 1820, 1770.
0 LAFARGEHOLCIM/d /LHN.S 54.9 dd- - d- Likely to fall to support 55/54. SELL if broken. Next sup 51.
1 IMPLENIA N/d /IMPN.S 71.8 0 d- - SELL if 71, 67 breaks.
6 JULIUS BAER N/d /BAER.S 50.45 dd- dd- + SELL <48.50. Support 46.50.
4 KUDELSKI/d /KUD.S 16.35 0 0 - SELL signals <15.90, 15.40. Support 14.70, 12.70. 04.05.2017 17.55 -6.84%
15 KUEHNE & NAGEL/d /KNIN.S 160 + + + Major resistance 164/167. SELL < 153/152, 147, 142.
2 LINDT & SP PS/d /LISP.S 5560 - - 0 Upgrade within trading range. SELL <5700, 5550. Sup 5400, 5250. 09.05.2017 5750.00 -3.30%
10 LOGITECH/d /LOGN.S 35.25 0 d0 + Upgrade within trading range. SELL 33. Support 30.50.
18 LONZA GRP AG N/d /LONN.S 207.3 + + + Appears as double-top. SELL <195. Support 191/187.
15 MEYER BURGER N/d /MBTN.S 1.2 dd- + + Likely to rise to long-term resistance 1.40.
18 NESTLE SA/d /NESN.S 83.45 + + + Held >80. Added another upleg. New supports 82.10, 80.
15 NOVARTIS N/d /NOVN.S 79.8 dd- + + Reached long-term res 84. Downgrade <79.50, 77.50/77.0.
18 OC OERLIKON CO/d /OERL.S 12.6 + + + SELL signal <12.10, 11.60. Support 10.80.

Global Chart Outlook 1 July 2017 21

Swiss stocks P to Z
SHORTMEDIUM LONG
TERM TERM TERM RECOMMENDED RECOMMENDED
SCORE INDEX RIC PRICE RATINGRATINGRATING COMMENT DATE PRICE PROFIT & LOSS

15 PANALPINA WELT/d /PWTN.S 134.9 + + + Still testing major resistance 137. Next is 150. SELL <126, 122.
4 PARGESA I/d /PARG.S 72.95 d- - + Resistance and target remains 80.50. SELL 73, 71.50. Sup 68.50.
8 PARTNERS GROUP/d /PGHN.S 594.5 u0 u0 + Looks set to top. SELL upon break of 580. Support 562/60.
4 PSP CH PRPTY N/d /PSPN.S 89.6 u0 0 - Failed at major resistance 93. SELL break 88.50, 86.20.
4 RICHEMONT N/d /CFR.S 79 dd- - + SELL if supports at 78/77 and 73.50 break. Sup 69, 66, 63.
4 RIETER N/d /RIEN.S 218.9 dd- d- + Trading range. SELL <215 and 208. Support 196.
2 ROCHE HOLDING /d /ROG.S 244.2 dd- - 0 SELL again <242, 238. Support 233/225. Res 261/263.
4 SCHINDLER PS/d /SCHP.S 202.9 dd- dd- + Trading range. SELL <202, 196, 187.
5 SWISS RE N/d /SRENH.S 87.65 dd- d0 0 Failed to break 91.40. Support and SELL 88, 85.50. 04.05.2017 88.90 -1.41%
7 SGS N/d /SGSN.S 2322 d- d0 + Briefly fell below SELL <2330. SELL again <2320, 2270, 2240, 2180.
4 SIKA I/d /SIK.S 6160 - d- + SELL <6100, 6000. Support 5880.
9 SONOVA H AG/d /SOON.S 155.7 - d0 + SOLD 166 and 160. Next SELL <157, 152.
2 SWISS PRIME SI/d /SPSN.S 87.1 - - 0 SOLD 87.50. SELL 84.50. Support 84.50, 82.
12 STRAUMANN HLD /d /STMN.S 545.5 dd- + + Would SELL if supports 530, 510 fail to hold.
0 SULZER N/d /SUN.S 108.7 d- d- d- All neutral but close to downgrades <108.50, 105.50, 103.
2 SWATCH GROUP I/d /UHR.S 354.1 d- - d0 Sold 388 and 370. LT support 356, 349.
4 SWISS LIFE HLD/d /SLHN.S 323.6 - - u+ SOLD first support <325. Next SELL <318, 312, 303 and 288.
16 SWISSCOM N/d /SCMN.S 462.7 d0 + + SELL <461. Support 455, 443. 15.05.2017 457.50 1.14%
2 SYNGENTA N/d /SYNN.S 444 d- - 0 SELL if 437, 426 breaks. Support 416/405.
13 TECAN HLD N/d /TECN.S 180.3 u0 + + Would SELL level <176, 171, 161. Support 147.
0 TRANSOCEAN N/d /RIGN.S 7.865 d- - - Needs a rise above 8.20 for a short-term turnaround.
18 UBS GROUP N/d /UBSG.S 16.24 + + + Managed to hold above 15/14.90. Likely to rise to 16.70/16.80.
1 VALORA N/d /VALN.S 306.5 d0 - - Rebound from key sup 295. SOLD <324, 310. SELL again 295.
14 VOEGELE CHARLE/d /VCH.S 6.3 0 + u+
3 ZURICH INSURAN/d /ZURN.S 279.1 - d0 d- SOLD <286. Minor profit of 4%. Support 274, 262.

Global Chart Outlook 1 July 2017 22

Swiss stocks listed according to Score 60 60

SCORE COMPANY RIC PRICE ST MT LT

18 CLARIANT N/d /CLN.S 21.12 + + + 55 55
18 LONZA GRP AG N/d /LONN.S 207.3 + + +
18 NESTLE SA/d /NESN.S 83.45 + + +
18 OC OERLIKON CO/d /OERL.S 12.6 + + + 50 50

18 UBS GROUP N/d /UBSG.S 16.24 + + + LAFARGEHOLCIM

16 SWISSCOM N/d /SCMN.S 462.7 d0 + + Sell if 54/53 breaks.
15 KUEHNE & NAGEL/d /KNIN.S 160 + + + 3000 3000
15 MEYER BURGER N/d /MBTN.S 1.2 dd- + + 2500 2500
2000 2000
15 NOVARTIS N/d /NOVN.S 79.8 dd- + + 1500 1500
15 PANALPINA WELT/d /PWTN.S 134.9 + + + 1000 1000
500 500
14 CS GROUP AG/d /CSGN.S 13.86 + + 0 0 0
14 VOEGELE CHARLE/d /VCH.S 6.3 0 + u+ -500 -500
0 6 13 20 27 6 13 20 27 3 10 18 24 2 8 15 22 29 6 12 19 26 3 10 17 2
13 TECAN HLD N/d /TECN.S 180.3 u0 + + February March April May June July

12 STRAUMANN HLD /d /STMN.S 545.5 dd- + +

10 LOGITECH/d /LOGN.S 35.25 0 d0 + SCORE COMPANY RIC PRICE ST MT LT
9 BALOISE HLD N/d /BALN.S 148.2 - 0 + 4 SIKA I/d /SIK.S 6160 - d- +
9 SONOVA H AG/d /SOON.S 155.7 - d0 + 4 SWISS LIFE HLD/d /SLHN.S 323.6 - - u+
8 PARTNERS GROUP/d /PGHN.S 594.5 u0 u0 + 3 ZURICH INSURAN/d /ZURN.S 279.1 - d0 d-
7 SGS N/d /SGSN.S 2322 d- d0 + 2 ABB LTD N/d /ABBN.S 23.68 d- d- 0
6 ADECCO N/d /ADEN.S 72.9 d- - + 2 BARRY CALLEBAU/d /BARN.S 1318 d- - 0
6 DUFRY AG/d /DUFN.S 157.1 - - + 2 LINDT & SP PS/d /LISP.S 5560 - - 0
6 JULIUS BAER N/d /BAER.S 50.45 dd- dd- + 2 ROCHE HOLDING /d /ROG.S 244.2 dd- - 0
5 SWISS RE N/d /SRENH.S 87.65 dd- d0 0 2 SWISS PRIME SI/d /SPSN.S 87.1 - - 0
4 ACTELION HLDG/d /ATLN.S 267.75 dd- d- + 2 SWATCH GROUP I/d /UHR.S 354.1 d- - d0
4 FISCHER N/d /FIN.S 928.5 - d- u+
2 SYNGENTA N/d /SYNN.S 444 d- - 0
4 GEBERIT N1/d /GEBN.S 447.2 d- dd- 0
1 IMPLENIA N/d /IMPN.S 71.8 0 d- -
4 GIVAUDAN N/d /GIVN.S 1918 - - 0
1 VALORA N/d /VALN.S 306.5 d0 - -
4 KUDELSKI/d /KUD.S 16.35 0 0 -
0 ARYZTA AG/d /ARYN.S 31.53 - - -
4 PARGESA I/d /PARG.S 72.95 d- - +
4 PSP CH PRPTY N/d /PSPN.S 89.6 u0 0 - 0 VIFOR PHARMA/d /VIFN.S 105.7 - - -
4 RICHEMONT N/d /CFR.S 79 dd- - + 0 LAFARGEHOLCIM/d /LHN.S 54.9 dd- - d-
4 RIETER N/d /RIEN.S 218.9 dd- d- + 0 SULZER N/d /SUN.S 108.7 d- d- d-
4 SCHINDLER PS/d /SCHP.S 202.9 dd- dd- + 0 TRANSOCEAN N/d /RIGN.S 7.865 d- - -

Global Chart Outlook 1 July 2017 23

U.K. FTSE 100 Index
The FTSE is downgraded to MEDIUM-TERM DOWN and LONG-TERM NEUTRAL.
The FTSE has finally turned down from the upper line of the Wedge. Presently, it is sitting on the key support 7300 to 7200, a
break of which is set to signal a major downturn. The FTSE 100 Index is amongh the first indices to have turned down from a
long-term UP to FLAT. The last few days it has crossed the LTMom Reversal and is thus turning long-term DOWN (Signal 4).
Signal 5 will be the crossing of the MTMom below the LTMom.
FTSE 100 INDEX, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT, REV_New_LT
7700
4500 7600
7500
4000 7400
7300
3500 7200
7100
3000 2
1 3 7000
4 6900
2500
6800
6700
2000
6600
6500
1500
6400
6300
1000
6200
6100
500
6000
5900
0
5800

-500 5700
5600

-1000 5500
5400

2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct N

Global Chart Outlook 1 July 2017 24

British pound / US dollar
The GBP/USD is again upgraded to MEDIUM-TERM UP and remains LONG-TERM UP.
I allowed the GBP another week to show the ability to remain in the long-term uptrend. This worked out well. Presently, it is
testing the high from May. Next resistance is 1.33 and 1.37. The fact that the STMom is rising back above the MTMom is a positiv
signal. Thus, my bullish outlook from 13th April 2017 at 1.2550 remains intact.

1900 FOREX GBP=, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT

1800
1700
1600 1.50
1500
1400
1300
1200 1.45
1100
1000
900
800 1.40
700
600
500
400 1.35
300
200
100
0
1.30
-100
-200
-300
-400
-500 1.25
-600
-700
-800
-900 1.20
-1000
-1100
-1200
-1300 1.15
-1400
-1500
-1600
-1700 1.10
-1800
-1900
-2000
-2100 1.05
-2200
-2300 5
-2400
4
1 3 Apr
2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar May Jun Jul Aug Sep Oct Nov
2
Global Chart Outlook 22 June 2017 25
Deutscher Aktien Index DAX
The DAX is downgraded to MEDIUM-TERM DOWN and remains LONG-TERM POSITIVE unless 11,900 breaks.
The DAX finally turned down from the resistance 13,000. It just crossed below the MTMom Reversal at 12,500 and turned the
MTMom Indicator down. It will be seen which of the supports will hold. A break of 11,900 will negate the outlook of Wave 5 still to
be expected .

XETRA DAX PF, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT

9500
9000
3 13000
8500
8000
12500
7500
7000
12000
6500
6000
5500
4? 11500

5000 2
4500 1 11000
4000 1 3
3500
10500
3000
2500
10000
2000
1500
2
1000 9500

500
0 9000
-500
-1000 8500
-1500
-2000
2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 22 June 2017 26

Deutscher Aktien Index DAX Hourly chart

XETRA DAX PF
13100
13000
12900
12800
12700
12600
12500
12400
12300
12200
12100
12000
11900
11800
11700
11600
11500
11400
11300
11200
11100
11000
10900
10800
10700
10600
10500
10400
10300
10200
10100
10000

November December 2017 February March April May June July

Global Chart Outlook 22 June 2017 27

Euro / US Dollar
EUR/CHF remains MEDIUM-TERM UP and is upgraded to LONG-TERM UP.
I maintain my positive outlook for EUR/USD from 4th May 2017 at 1.08/1.0850. Now that the long-term resistance at 1.13 is broken
the EUR needs to clear 1.16 to signal higher targets. The strength of the Euro is putting pressure on the European stock markets.
Among the 40 global stock markets it is the European ones which have the most negative ratings. Do have a look at the table of
the European stocks on page 31 to see that there are only a few stocks left with a positive Score.
2000 FOREX EUR=, REV_New_MT_LT, MAVM, MAVM+W, MAVM+W+D
1900 1.165
1.160
1800 1.155
1700 1.150
1.145
1600 1.140
1500 1.135
1.130
1400
1.125
1300 1.120
1200 1.115
1.110
1100 1.105
1000 1.100
1.095
900 1.090
800 1.085
1.080
700
1.075
600 1.070
500 1.065
1.060
400 1.055
300 1.050
1.045
200 1.040
100 1.035
1.030
0
1.025
-100 1.020
-200 1.015
1.010
-300 1.005
-400 1.000
0.995
-500 0.990
-600 5 0.985
4 0.980
-700
0.975
-800 1 3 0.970

2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr2 May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 1 July 2017 28

European stocks A to H SHORTMEDIUM LONG
TERM TERM TERM RECOMMENDED RECOMMENDED
SCORE INDEX RIC PRICE RATINGRATINGRATING COMMENT DATE PRICE PROFIT & LOSS
0 AB INBEV/d /ABI.BR 96.71 d- - - Support 99.
2 ADIDAS N/d /ADSGn.DE 167.75 - - 0 SELL if major support 165 clearly breaks. Support 157, 152.
1 AHOLD DEL/d /AD.AS 16.74 0 - -
4 AIR LIQUIDE/d /AIRP.PA 108.2 dd- dd- + Major support 108.50, 105.50.
4 AIRBUS/d /AIR.PA 72 - dd- + Major support 71.30.
6 ALLIANZ SE/d /ALVG.DE 172.4 d- dd- +
9 ARCELORMITTAL /ISPA.AS 19.86 + u+ -
1 ASML HOLDING/d /ASML.AS 114.1 d0 - d- Must rise >121 to avoid a major downtrend signal.
9 ASTRAZENECA/d /AZN.L 5147.5 d- d0 +
0 AXA/d /AXAF.PA 23.95 - - -
6 BANCO SANTANDE/d /SAN.MC 5.792 d- - + Likely to test 6.10 next. Resistance 6.28.
0 BASF SE/d /BASFn.DE 81.09 - - -
2 BAY MOT WERKE/d /BMWG.DE 81.28 - - 0 Bullish turn >84.50. BUY if broken. Resistance 85.90, 89.
6 BAYER N AG/d /BAYGn.DE 113.2 dd- dd- + Uptrend to resume >122.50/124.
6 BBVA/d /BBVA.MC 7.265 dd- dd- +
6 BHP BILLITON/d /BLT.L 1178.31 + 0 - Looking for a turnaround >1205.
9 BNP PARIBAS/d /BNPP.PA 63.06 + - + Resistance 66.50, 70.
0 BP/d /BP.L 443.798 d- - - Trading range.
2 BRIT AM TOBACC/d /BATS.L 5263.63 - d- d0 Likely to fall to 5290. SELL if broken.
3 BT GROUP/d /BT.L 294.298 u+ - -
5 CARREFOUR/d /CARR.PA 22.15 - 0 0 Recovering. Watching resistance 23.
7 COMPASS GROUP/d /CPG.L 1620.32 - u0 u+ SELL < 1635, 1600. Support 1540, 1500.
0 CRH PLC/d /CRH.I 30.975 - - - SELL. Major top forming.
2 DAIMLER AG N/d /DAIGn.DE 63.37 - - 0
4 DANONE/d /DANO.PA 65.81 dd- dd- +
8 DEUTSCHE BANK /d /DBKGn.DE 15.525 + u0 0 Should rally to 16.70.
16 DEUTSCHE POST /d /DPWGn.DE 32.82 + + +
2 DIAGEO/d /DGE.L 2290.51 - dd- d0 Downgrade pending.
2 DT TELEKOM N/d /DTEGn.DE 15.72 - - 0
15 E.ON SE NA/d /EONGn.DE 8.248 d- + +
9 ENEL/d /ENEI.MI 4.694 - d0 + Support 4.65, 4.45
4 ENGIE/d /ENGIE.PA 13.215 - dd- +
0 ENI/d /ENI.MI 13.16 d- - -
6 ERICSSON B/d /ERICb.ST 60.25 - dd- + Fell to support 61.30. SELL if broken. Support 59.50, 57.
0 ESSILOR INTERN/d /ESSI.PA 111.4 - - dd- Gapped downward. SELL <113, 110. Support 104/102.
0 FRESENIUS SE/d /FREG.DE 75.06 - dd- d- Uptrend topping. SELL <75. Support 72, 69.50.
2 GLAXOSMITHKLIN/d /GSK.L 1640.68 dd- dd- d0 Entered a correction. SELL <1630.
6 GLENCORE/d /GLEN.L 288.107 + u0 -
6 HEINEKEN/d /HEIN.AS 85.13 - d- + SELL <85.70. Support 85/84, 81, 76.
6 HENNES&MAURITZ/d /HMb.ST 209.9 u+ u0 - Support 195
18 HSBC HOLDINGS/d /HSBA.L 713.479 + + + Gapped higher but looks exhausted.

Global Chart Outlook 1 July 2017 29

European stocks I to Z SHORTMEDIUM LONG
TERM TERM TERM RECOMMENDED RECOMMENDED
SCORE INDEX RIC PRICE RATINGRATINGRATING COMMENT DATE PRICE PROFIT & LOSS
9 IBERDROLA/d /IBE.MC 6.933 - 0 + Major support 6.90. SELL if broken.
0 IMP.BRANDS/d /IMB.L 3482.62 dd- - - Long-term support 3450.
2 INDITEX/d /ITX.MC 33.61 - - d0 Reached long-term res 37. SELL <support 34, 32.50.
13 ING GROEP/d /INGA.AS 15.1 d0 + +
15 INTESA SANPAOL/d /ISP.MI 2.776 + + +
6 L.V.M.H./d /LVMH.PA 218.3 dd- dd- + Down from May-peak. SELL <223. Support 216.50, 210.
3 LLOYDS BNK GRP/d /LLOY.L 66.6121 u0 - 0
2 L'OREAL/d /OREP.PA 182.4 dd- dd- d0 Exhausting. Could form a medium-term top.
0 MUENCH. RUECK /d /MUVGn.DE 176.55 - - -
0 NATIONAL GRID/d /NG.L 955.367 d- - - Support 935.
6 NOKIA/d /NOKIA.HE 5.355 - d- +
7 NORDEA BANK/d /NDA.CO 83.15 - 0 + Major reversal day 28.6.2017. Resistance 84, 85.50.
9 NOVO NORDISK B/d /NOVOb.CO 278.8 - d0 + Downgrade / SELL if support 277 breaks.
0 NXP SEMICOND/d /NXPI.DE 0 dd- dd- d-
2 ORANGE/d /ORAN.PA 13.89 d- - 0 Downtrend. LT downgrade pending.
6 PHILIPS KON/d /PHG.AS 31.095 dd- dd- + SELL. Reversal Day on 20.6.2017. Support 31.30, 29.50.
9 PRUDENTIAL/d /PRU.L 1785.39 dd- d0 + Top forming if 1775, 1745 breaks.
7 RECKIT BNCSR G/d /RB.L 7751.04 - d0 + Triangle is forming. Watching for breakout.
1 REPSOL/d /REP.MC 13.4 u0 - -
16 RIO TINTO/d /RIO.L 3239.97 + + uu+ Resistance 3390.
0 ROYAL DUTCH SH/d /RDSa.AS 23.235 d- - -
9 RWE AG/d /RWEG.DE 17.445 - d0 + Downgrade overdue. SELL. Support 17/16.70.
14 SAFRAN/d /SAF.PA 80.24 + + +
1 SAINT-GOBAIN/d /SGOB.PA 46.78 0 - d- Testing major support 47. SELL if broken.
4 SANOFI/d /SASY.PA 83.76 dd- d- +
2 SAP SE/d /SAPG.DE 91.45 d- d- d0 Major support 91.80, 89.
0 SCHNEIDER ELEC/d /SCHN.PA 67.27 dd- d- d-
0 SHIRE/d /SHP.L 4256.06 dd- d- -
0 SIEMENS N/d /SIEGn.DE 120.35 - - d-
7 SOCIETE GENERA/d /SOGN.PA 47.11 + - + Resistance 49.80.
16 STANDRD CHART /d /STAN.L 781.18 + + +
2 TELEFONICA/d /TEF.MC 9.038 - - 0 Just broke key support 9.30. Next support 8.85.
0 TOTAL/d /TOTF.PA 43.285 d- - -
0 UNIBAIL RODAMC/d /UNBP.AS 220.65 - - dd-
6 UNILEVER DR/d /UNc.AS 48.32 dd- d- + Major support 49.40. SELL <49.30. Support 48.50, 47, 45.
2 VINCI/d /SGEF.PA 74.73 - d- d0 Support 76.50.
9 VIVENDI/d /VIV.PA 19.49 d- d0 +
7 VODAFONE GROUP/d /VOD.L 222 d- d0 +
5 VOLKSWAGEN VZ/d VOWG_p.D 133.35 + 0 - Trading range. Looking for bottom signal.

Global Chart Outlook 1 July 2017 30

European Stocks (listed according to the Score)
SCORE COMPANY RIC PRICE ST MT LT SCORE COMPANY RIC PRICE ST MT LT
18 HSBC HOLDINGS/d /HSBA.L 713.479 + + + 4 DANONE/d /DANO.PA 65.81 dd- dd- +
16 DEUTSCHE POST /d /DPWGn.DE 32.82 + + + 4 ENGIE/d /ENGIE.PA 13.215 - dd- +
16 RIO TINTO/d /RIO.L 3239.97 + + uu+ 4 SANOFI/d /SASY.PA 83.76 dd- d- +
16 STANDRD CHART /d /STAN.L 781.18 + + + 3 BT GROUP/d /BT.L 294.298 u+ - -
15 E.ON SE NA/d /EONGn.DE 8.248 d- + + 3 LLOYDS BNK GRP/d /LLOY.L 66.6121 u0 - 0
15 INTESA SANPAOL/d /ISP.MI 2.776 + + + 2 ADIDAS N/d /ADSGn.DE 167.75 - - 0
14 SAFRAN/d /SAF.PA 80.24 + + + 2 BAY MOT WERKE/d /BMWG.DE 81.28 - - 0
13 ING GROEP/d /INGA.AS 15.1 d0 + + 2 BRIT AM TOBACC/d /BATS.L 5263.63 - d- d0
9 ARCELORMITTAL /ISPA.AS 19.86 + u+ - 2 DAIMLER AG N/d /DAIGn.DE 63.37 - - 0
9 ASTRAZENECA/d /AZN.L 5147.5 d- d0 + 2 DIAGEO/d /DGE.L 2290.51 - dd- d0
9 BNP PARIBAS/d /BNPP.PA 63.06 + - + 2 DT TELEKOM N/d /DTEGn.DE 15.72 - - 0
9 ENEL/d /ENEI.MI 4.694 - d0 + 2 GLAXOSMITHKLIN/d /GSK.L 1640.68 dd- dd- d0
9 IBERDROLA/d /IBE.MC 6.933 - 0 + 2 INDITEX/d /ITX.MC 33.61 - - d0
9 NOVO NORDISK B/d /NOVOb.CO 278.8 - d0 + 2 L'OREAL/d /OREP.PA 182.4 dd- dd- d0
9 PRUDENTIAL/d /PRU.L 1785.39 dd- d0 + 2 ORANGE/d /ORAN.PA 13.89 d- - 0
9 RWE AG/d /RWEG.DE 17.445 - d0 + 2 SAP SE/d /SAPG.DE 91.45 d- d- d0
9 VIVENDI/d /VIV.PA 19.49 d- d0 + 2 TELEFONICA/d /TEF.MC 9.038 - - 0
8 DEUTSCHE BANK /d /DBKGn.DE 15.525 + u0 0 2 VINCI/d /SGEF.PA 74.73 - d- d0
7 COMPASS GROUP/d /CPG.L 1620.32 - u0 u+ 1 AHOLD DEL/d /AD.AS 16.74 0 - -
7 NORDEA BANK/d /NDA.CO 83.15 - 0 + 1 ASML HOLDING/d /ASML.AS 114.1 d0 - d-
7 RECKIT BNCSR G/d /RB.L 7751.04 - d0 + 1 REPSOL/d /REP.MC 13.4 u0 - -
7 SOCIETE GENERA/d /SOGN.PA 47.11 + - + 1 SAINT-GOBAIN/d /SGOB.PA 46.78 0 - d-
7 VODAFONE GROUP/d /VOD.L 222 d- d0 + 0 AB INBEV/d /ABI.BR 96.71 d- - -
6 ALLIANZ SE/d /ALVG.DE 172.4 d- dd- + 0 AXA/d /AXAF.PA 23.95 - - -
6 BANCO SANTANDE/d /SAN.MC 5.792 d- - + 0 BASF SE/d /BASFn.DE 81.09 - - -
6 BAYER N AG/d /BAYGn.DE 113.2 dd- dd- + 0 BP/d /BP.L 443.798 d- - -
6 BBVA/d /BBVA.MC 7.265 dd- dd- + 0 CRH PLC/d /CRH.I 30.975 - - -
6 BHP BILLITON/d /BLT.L 1178.31 + 0 - 0 ENI/d /ENI.MI 13.16 d- - -
6 ERICSSON B/d /ERICb.ST 60.25 - dd- + 0 ESSILOR INTERN/d /ESSI.PA 111.4 - - dd-
6 GLENCORE/d /GLEN.L 288.107 + u0 - 0 FRESENIUS SE/d /FREG.DE 75.06 - dd- d-
6 HEINEKEN/d /HEIN.AS 85.13 - d- + 0 IMP.BRANDS/d /IMB.L 3482.62 dd- - -
6 HENNES&MAURITZ/d /HMb.ST 209.9 u+ u0 - 0 MUENCH. RUECK /d /MUVGn.DE 176.55 - - -
6 L.V.M.H./d /LVMH.PA 218.3 dd- dd- + 0 NATIONAL GRID/d /NG.L 955.367 d- - -
6 NOKIA/d /NOKIA.HE 5.355 - d- + 0 NXP SEMICOND/d /NXPI.DE 0 dd- dd- d-
6 PHILIPS KON/d /PHG.AS 31.095 dd- dd- + 0 ROYAL DUTCH SH/d /RDSa.AS 23.235 d- - -
6 UNILEVER DR/d /UNc.AS 48.32 dd- d- + 0 SCHNEIDER ELEC/d /SCHN.PA 67.27 dd- d- d-
5 CARREFOUR/d /CARR.PA 22.15 - 0 0 0 SHIRE/d /SHP.L 4256.06 dd- d- -
5 VOLKSWAGEN VZ/d VOWG_p.D 133.35 + 0 - 0 SIEMENS N/d /SIEGn.DE 120.35 - - d-
4 AIR LIQUIDE/d /AIRP.PA 108.2 dd- dd- + 0 TOTAL/d /TOTF.PA 43.285 d- - -
4 AIRBUS/d /AIR.PA 72 - dd- + 0 UNIBAIL RODAMC/d /UNBP.AS 220.65 - - dd-
Global Chart Outlook 22 June 2017 31
Nikkei 225 Index
The Nikkei 225 Index is still rated MEDIUM-TERM UP and LONG-TERM UP.
The three momentum indicators are still rising. But, if the Nikkei breaks below its Medium-term Momentum Reversal at 18,800 it
will signal a medium-term top and a major correction. The first supports to watch are 19,500 and 19,000.

NIKKEI 225, MAVM, MAVM+W, MAVM+W+D, REV_New_MT_LT

9500 21500
9000
21000
8500
8000 20500

7500 20000
7000
19500
6500
19000
6000
5500 18500
5000
18000
4500
17500
4000
3500 17000
3000 16500
2500
16000
2000
15500
1500
1000 15000
500 14500
0
14000
-500
-1000 13500

-1500 13000
-2000
12500
-2500

2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 22 June 2017 32

APAC Stocks listed alphabetically (left) and according to the Score (right)
SCORE COMPANY RIC PRICE ST MT LT SCORE COMPANY RIC PRICE ST MT LT
17 AIA/d /1299.HK 57.65 + + + 18 BELLE INT'L/d /1880.HK 6.15 + + +
13 ASTRA INTL TBK/d /ASII.JK 8900 + + + 18 BHARTI AIRTEL/d /BRTI.NS 382.45 + + +
18 BELLE INT'L/d /1880.HK 6.15 + + + 18 FAST RETAILING/d /9983.T 37720 + + +
18 BHARTI AIRTEL/d /BRTI.NS 382.45 + + + 18 HON HAI/d /2317.TW 119 + + +
1 BUMI RESOURCES/d /BUMI.JK 352 0 - - 18 HSBC HOLDINGS/d /0005.HK 72.8 uu+ + +
9 CANON INC/d /7751.T 3828 dd- d0 + 18 LG CHEM/d /051910.KS 282000 u+ uu+ +
0 CCB/d /0939.HK 6.08 - - - 18 MITSUB UFJ FG/d /8306.T 755.2 + + +
5 CHINA LIFE/d /2628.HK 24 0 - + 18 OCBC/d /OCBC.SI 10.95 + + +
1 CHINA MOBILE/d /0941.HK 83.1 0 - - 18 SK TELECOM/d /017670.KS 261500 + + +
15 CHINA SHENHUA/d /1088.HK 17.08 + + + 17 AIA/d /1299.HK 57.65 + + +
4 CLP HOLDINGS/d /0002.HK 83.4 dd- d- 0 16 KOMATSU/d /6301.T 2869 + + u0
1 CNOOC/d /0883.HK 8.54 0 - - 16 POSCO/d /005490.K 283500 + u+ u+
12 EAST JAPAN RY/d /9020.T 10970 d- + + 16 SINGTEL/d /STEL.SI 3.88 + + u0
3 FANUC LTD/d /6954.T 21915 d0 d- d0 16 SUMITOMO CORP/d /8053.T 1475.5 + u+ u+
18 FAST RETAILING/d /9983.T 37720 + + + 15 CHINA SHENHUA/d /1088.HK 17.08 + + +
0 FORMOSA PETRO/d /6505.TW 105 dd- dd- dd- 15 HIND UNILEVER/d /HLL.NS 1088.1 - + +
4 GENTING BHD/d /GENT.KL 9.49 d- - d0 15 KYOCERA CORP/d /6971.T 6609 dd- + +
15 HIND UNILEVER/d /HLL.NS 1088.1 - + + 15 SOFTBANK GROUP/d /9984.T 9252 dd- + +
18 HON HAI/d /2317.TW 119 + + + 14 MITSUBISHI ELE/d /6503.T 1602 + + 0
12 HOUS DEV FIN/d /HDFC.NS 1632.2 dd- + + 14 SAMSUNG ELECTR/d /005930.K 2397000 + + +
18 HSBC HOLDINGS/d /0005.HK 72.8 uu+ + + 14 TAKEDA PHARM/d /4502.T 5761 + + +
0 HUTCHTEL HK/d /0215.HK 2.76 - - - 13 ASTRA INTL TBK/d /ASII.JK 8900 + + +
10 HYUNDAI HVY IN/d /009540.K 176000 - u+ + 13 INDOFOOD S M T/d /INDF.JK 8500 + 0 u+
9 HYUNDAI MOTOR/d /005380.K 161000 - 0 + 13 RELIANCE/d /RELI.NS 1392.7 d0 + +
13 INDOFOOD S M T/d /INDF.JK 8500 + 0 u+ 13 TENCENT/d /0700.HK 284 d0 + +
1 INFOSYS/d /INFY.NS 930.2 u0 - - 12 EAST JAPAN RY/d /9020.T 10970 d- + +
6 JAPAN TOBACCO/d /2914.T 4010 dd- dd- + 12 HOUS DEV FIN/d /HDFC.NS 1632.2 dd- + +
16 KOMATSU/d /6301.T 2869 + + u0 12 NTT/d /9432.T 5404 dd- + +
15 KYOCERA CORP/d /6971.T 6609 dd- + + 12 TAIWAN SEMICON/d /2330.TW 210 d- d0 +
18 LG CHEM/d /051910.KS 282000 u+ uu+ + 10 HYUNDAI HVY IN/d /009540.K 176000 - u+ +
2 LI & FUNG/d /0494.HK 2.81 u+ - - 9 CANON INC/d /7751.T 3828 dd- d0 +
18 MITSUB UFJ FG/d /8306.T 755.2 + + + 9 HYUNDAI MOTOR/d /005380.K 161000 - 0 +
14 MITSUBISHI ELE/d /6503.T 1602 + + 0 8 SIAM COM BANK/d /SCB.BK 155.5 + 0 0
12 NTT/d /9432.T 5404 dd- + + 8 TOYOTA MOTOR C/d /7203.T 5910 + 0 0
18 OCBC/d /OCBC.SI 10.95 + + + 6 JAPAN TOBACCO/d /2914.T 4010 dd- dd- +
16 POSCO/d /005490.K 283500 + u+ u+ 6 SEVEN & I HLDG/d /3382.T 4676 dd- d- +
13 RELIANCE/d /RELI.NS 1392.7 d0 + + 5 CHINA LIFE/d /2628.HK 24 0 - +
14 SAMSUNG ELECTR/d /005930.K 2397000 + + + 4 CLP HOLDINGS/d /0002.HK 83.4 dd- d- 0
6 SEVEN & I HLDG/d /3382.T 4676 dd- d- + 4 GENTING BHD/d /GENT.KL 9.49 d- - d0
2 SHK PPT/d /0016.HK 114.5 - - 0 3 FANUC LTD/d /6954.T 21915 d0 d- d0
8 SIAM COM BANK/d /SCB.BK 155.5 + 0 0 2 LI & FUNG/d /0494.HK 2.81 u+ - -
16 SINGTEL/d /STEL.SI 3.88 + + u0 2 SHK PPT/d /0016.HK 114.5 - - 0
18 SK TELECOM/d /017670.KS 261500 + + + 1 BUMI RESOURCES/d /BUMI.JK 352 0 - -
15 SOFTBANK GROUP/d /9984.T 9252 dd- + + 1 CHINA MOBILE/d /0941.HK 83.1 0 - -
16 SUMITOMO CORP/d /8053.T 1475.5 + u+ u+ 1 CNOOC/d /0883.HK 8.54 0 - -
12 TAIWAN SEMICON/d /2330.TW 210 d- d0 + 1 INFOSYS/d /INFY.NS 930.2 u0 - -
14 TAKEDA PHARM/d /4502.T 5761 + + + 0 CCB/d /0939.HK 6.08 - - -
13 TENCENT/d /0700.HK 284 d0 + + 0 FORMOSA PETRO/d /6505.TW 105 dd- dd- dd-
8 TOYOTA MOTOR C/d /7203.T 5910 + 0 0 0 HUTCHTEL HK/d /0215.HK 2.76 - - -
0 WILMAR INTL/d /WLIL.SI 3.48 d- d- - 0 WILMAR INTL/d /WLIL.SI 3.48 d- d- -

Global Chart Outlook 1 July 2017 33

Samsung Electronics (005930.KS)
Samsung is still rated MEDIUM-TERM UP and LONG-TERM UP. Downgrades are pending.
Samsung will signal a medium-term momentum top if 2,300,000 breaks. A long-term momentum top will be signaled if2,100,000
breaks. Is the Bubble close to bursting?

25000 SAMSUNG ELECTR, REV_New_MT_LT, REV_New_LT 25000

24000 24000
23000 23000
22000 22000
21000 21000
20000 20000
19000 19000
18000 18000
17000 17000
16000 16000
15000 15000
14000 14000
13000 13000
12000 12000
11000 11000
10000
x100 10000
x100

MAVM, MAVM+W, MAVM+W+D

9000 9000
8000 8000
7000 7000
6000 6000
5000 5000
4000 4000
3000 3000
2000 2000
1000 1000
0 0
-1000 -1000
-2000 -2000
2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Global Chart Outlook 22 June 2017 34

Copyright 2017 Rolf Bertschi, All rights reserved
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Disclaimer
The information published and opinions expressed are provided by Rolf P. Bertschi for personal use and for informational purposes only. The
information is not intended to provide specific financial, investment, tax, legal or accounting advice for you, and is not intended to be relied upon in that
regards. You should not act or rely on the information without professional assistance. Non information published in this paper constitutes an offer or
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Sources
The charts in this publication are from Metastock of Thomson Reuters

Explanations
For a more detailed explanation of the Trend and Momentum Models applied in this Chart Outlook, please order
Technical Analysis Explained under rolf.bertschi@chartoutlook.ch

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Global Chart Outlook 1 July 2017 35