Southern Copper Crosses Above its 10-day MA (SCCO)

Published on Fri, 05/03/2013 - 11:14
By Peter Chu in Moving average crossovers, SCCO, moving crosses, nyse:scco, southern copper

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.

By Peter Chu
pchu@fnno.com

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