This website is made by Stouff Capital (hereafter “SC”), a Swiss company. This document is not a product of any Financial Research therefore it is not subject to the “Directives on the Independence of Financial Research” of the Swiss Bankers Association. This marketing communication has not been prepared in accordance with the legal and regulatory requirements to promote the independence of research.

This document is neither an investment advice nor an advertising material of financial instruments, products or services. The information, tools and material presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe any securities or other financial instruments. In researching the past market history of prices and trading volumes, the persons who prepared this document (hereafter the “authors”) apply special technical methods and formulas to identify and project price trends, including Technical Analysis.

This document does not constitute the investment policy of SC but merely the different assumptions, views and analytical methods of the authors. SC and/or any of its affiliates may have issued other documents that are inconsistent with, and reach different conclusions from the information and opinions presented in this document.

The value and income of any of the securities or financial instrument mentioned in this document can fall as well rise. Indeed, they may be affected by many factors. Past performance should not be taken as an indication or guarantee of future performance and no representation or warranty, expressed or implied, is made by SC and/or any of its affiliates regarding future performance. SC and/or any of its affiliates accept no liability for any loss or damage arising from the use of this document.

Information and opinions contained in this document may be subject to frequent changes and are set for indicative purpose only. SC and/or any of its affiliates have no obligation to update, modify or amend this document or to otherwise notify a reader thereof in the event that any matter stated herein becomes inaccurate. Information and opinions presented by SC have been obtained from sources believed to be reliable, and, although all reasonable care has been taken, SC and/or any of its affiliates are not able to make any representations as to its accuracy or completeness. Information usually attributed to a unique specific source is quoted whenever such source is available. Otherwise, the information may have been gathered from public news dissemination services.

It does not take into account the specific investment objectives, the financial situation and the particular needs of any person who may connect in this website, receive this report and invest in any financial instrument. Therefore, investors should seek financial advice regarding the suitability of investing in any securities or investment strategies discussed in this report. SC and/or any of its affiliates make no representation and give no advice in respect of any tax, legal or accounting matters in any applicable jurisdiction.

This document may contain a series of trading tips, the reader should note that the model portfolio (if any) set out in this document is not a portfolio management product, it may not be updated and SC and/or any of its affiliates may discontinue the publication or distribution of the model portfolio at any time. The reader should not replicate part or all of, or rely on, the model portfolio to construct its own investment portfolio.

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Conflicts of interest

A part of the compensation of the authors may be, directly or indirectly, related to the specific performance of recommendations or views expressed in this document. Authors are also paid a salary plus bonus based on the overall revenue generated by SC which may include a portion generated by the trading profits of SC. SC, its affiliates or any of its employees are not subject to the prohibition on dealing in any financial instrument mentioned at any time before this document is distributed. For the companies mentioned in this document SC, its affiliates, or any of its employees involved and not involved in the preparation of this document may from time to time have long/short positions or holdings in the securities or other related investments. SC, its affiliates or any of its employees may use the above mentioned strategy for their own activity.

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The investment risks described herein are not purported to be exhaustive, any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Past performance is not indicative of future results: prices of stocks and options can go up or down. Investors investing in investments products denominated in foreign (non-local) currency should be aware of the risk of exchange rate fluctuations that may cause loss of principal when foreign currency is converted to the investors home currency.