Hedge fund manager David Einhorn touted Teck Resources ( TECK) and copper as an investment on a financial cable TV channel Wednesday. Regular readers of Kamich's Korner on Real Money should remember my bullish stance on Freeport-MacMoRan ( FCX) and TECK. Today I want to focus on another one of my recommendations in this space: Southern Copper Corp. ( SCCO) . 
Let's check the charts.
In this daily bar chart of SCCO, below, I can see how prices recently pulled back to retest the rising 50-day moving average line. Prices corrected sideways to lower the past seven weeks or so and now prices look poised for renewed gains. Trading volume has slowed and that is typical as a stock makes a correction in an uptrend. The daily On-Balance-Volume (OBV) line has corrected the past seven weeks in the context of a longer-term rise. The Moving Average Convergence Divergence (MACD) oscillator has corrected lower, but is still above the zero-line.
In this weekly Japanese candlestick chart of SCCO, below, I see a mostly positive chart picture. Prices are in a longer-term uptrend and trade above the rising 40-week moving average line. A weekly close above $80 will be an important upside breakout. The OBV line is not all that far from a breakout from a two-year sideways pattern. The MACD oscillator is bullish, but has narrowed in recent weeks.
In this daily Point and Figure chart of SCCO, below, I can see a downside price target of $67, but a trade at $78 should refresh the uptrend.
In this second Point and Figure chart of SCCO, below, I used weekly close only price data. Here the software projects a price target of $142.
Bottom line strategy: Traders who are long SCCO from our previous recommendations should continue to hold. Raise stops to $65. The round number of $100 is our nearest price target.
