Southern Copper (NYSE:SCCO) crossed over its 10-day moving average of $32.97 on a volume of 808K shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.
In the past 52 weeks, Southern Copper share prices have been bracketed by a low of $27.72 and a high of $42.03 and are now at $33.97, 23% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.3%.
There is potential upside of 26.7% for shares of Southern Copper based on a current price of $33.97 and an average consensus analyst price target of $43.05. The stock should run into initial resistance at its 50-day moving average (MA) of $35.50 and subsequent resistance at its 200-day MA of $35.90.
Southern Copper Corporation conducts mining operations in Peru and Mexico. The Company owns and operates open pit mines and metallurgical complexes that produce copper, molybdenum, zinc, and precious metals.