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Yields, Copper and Nikkei

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Some quick thoughts I just shared on twitter. Charts are valuable. Notes on these:

1) 10 Year U.S. yields are climbing higher. Now very close to strong 7 year-long trend resistance. Breakout above 3.0 levels could be a “game changer”.

2) Nikkei 225 has strong long-term resistance at 16,000 levels. As it approaches to that level, expect weakness.

3) Copper might be forming a medium-term base at these levels. Breakout above 3.35-3.50 will be bullish in the medium-term with a price target of 4.

COPPER

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Copper prices might be forming a medium-term base at these levels. Confirmation of the base formation will be a decisive breakout above 3.4 levels. Chart pattern suggests an inverted head and shoulder might be close to completion once price clears 3.4 levels. MACD is trying to reverse from 0 levels (bullish) and price is challenging the 200 day moving average. On the weekly scale 3.0 levels acted as strong support after price tested it for three times over the past two years. Until we see a decisive breakout above 3.4 levels technical outlook should remain neutral. Above 3.4 levels price will target 3.7 levels and the technical outlook will turn to positive.

Weekly price chart of COPPER

COPPER weekly

Daily price chart of COPPER

COPPER daily

COPPER

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Copper is now closer to a major breakout. Since my last analysis on Dr. Copper on the 26th of February, price remained in a tight consolidation range without any directional movement.

http://techcharts.wordpress.com/2012/02/26/copper-2/

As price have spent more time in this congestion area with low volatility readings, a breakout in the following days should occur. The fact that copper price held above its 200 day moving average, chances of an upward breakout is higher. Though we would like to see decisive breakout in either direction for confirmation. Two important levels to watch as a support; 370 level and as a resistance 400 level.