On Monday we gave a nod to Freeport-McMoRan ( FCX) , and a Real Money subscriber wanted to know the potential for Southern Copper Corp. ( SCCO) to rally. Let's check out the charts. 
In this daily bar chart of SCCO, below, we can see that prices corrected lower from May to September. In October we can see a small retest of the September low before prices firmed. SCCO rallied above the 50-day moving average line and is close to a test of the underside of the 200-day line.
The On-Balance-Volume (OBV) line went sideways from May to September, suggesting that prices fell from their "own weight." The OBV line is showing a small rise, which could be the start of a move higher. The Moving Average Convergence Divergence (MACD) oscillator has turned upward to cross above the zero-line for a new outright-buy signal.
In this weekly Japanese candlestick chart of SCCO, below, we see a bullish picture. There are a couple lower shadows on the candles in September before the large white real body this month. The underside of the 40-week line is close to being tested and the OBV line looks close to breaking a downtrend from March. The MACD oscillator has crossed to the upside for a cover-shorts buy signal.
In this daily Point and Figure chart of SCCO, below, we can see a nearby price target of $69.
In this second Point and Figure chart of SCCO, below, we used weekly price data and here the software is projecting the $88 area as a potential target.
Bottom line strategy: Traders could go long SCCO at current levels risking to $58 for now. $69 and then $88 are our price targets.
