GBN.V - Daily Ichhimoku

The daily chart of GBN.V share prices along with an ichimoku study shows that moving averages were deceptive for a lengthy period of time and could not call out turning points.

What was behind that was that GBN.V was indexing through equity swap derivatives to U.S. Treasury bond prices which have since lost their 'AAA' status.

On days when treasuries declined precipitously, GBN.V share prices rose. But when treasuries finally topped out, GBN.V share prices failed to react.

It appears as if DUST was a factor in trading GBN.V related equity swaps.

In March, 2012, a sudden rise in price led me to believe that Sprott had started to settle off its equity swaps with TD Securities, and followed their financial reports to see if in fact this was the case.

Downward pressure in GBN.V share prices continued as DUST rose, which intervened in the meantime, starting August, 2012, when GBN.V share prices 'should' have bottomed.

But now, both U.S. Treasury Bond prices AND DUST are in decline, which are the major hedges for equity swaps trading.

The momentum line for the ADX indicator says more price rises are in store for GBN.V shares.

http://scharts.co/15uPn7k

-F6