Breakdowns in Bank of America and Copper
There are plenty of broken charts to be found. High flyers like FB, YELP, LNKD, and company are in the throes of fairly developed breakdowns. A couple of the securities that I have been tracking here ought be updated. Bank of America appears to have very clearly broken down from a multi-year rising wedge.
I have also been tracking copper, which broke multi-year support after grinding lower in a descending triangle single since early 2011. It has back to 37 – the old support and, theoretically, new resistance. A breakdown from here would seem to confirm the break and set the stage for new multi-year lows.
I have been short Japan for a little while and it has fallen hard again. It is sitting near support that has held repeatedly over the last two years. It will be interesting to see if it can hold this time. It seems to have formed a descending triangle, which usually has a bearish bias.