COPPER

Since my last update on Copper on the 19th of March price resumed its consolidation in a tight range.

http://techcharts.wordpress.com/2012/03/19/copper-3/

This has increased the likelihood of a strong breakout from the possible symmetrical triangle. Given that Dr. Copper held above its long-term moving average (200 day moving average) and rebounded after each test, I would expect this breakout to occur on the upside. Current technical outlook suggests higher prices but again I would like to see the market confirming the direction of the breakout. For now we can conclude that we are very close to a major breakout. Boundaries of the symmetrical triangle should be watched closely. Breach above 395 will confirm an upward breakout and price will target 415-420 area in the short-term. Breach below 375 will be negative for Copper in the short-term.