Southern Copper SCCO-N built an extensive multi-year base from 2008 to 2020 mostly between $25 and $50 (not shown). The stock had a major breakout from this range in 2020 and reached a high of $82.29 in February 2021 (A). Subsequently, the stock ran into resistance near $83-84 for about three years (shaded area). Earlier this year the stock had a breakout above this level but became extremely overbought in May (B). It has since started a correction toward the 40-week Moving Average (40wMA) for a better entry level. There is good support near $95; only a sustained decline below this level would be negative.
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status. A sustained rise above $110-115 would signal the resumption of the uptrend.
Point & Figure measurements provide targets of $130 and $145. Higher targets are visible.
stock
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com