When we last reviewed Southern Copper Corp. (SCCO) on Nov. 5 we wrote: "Continue to hold longs and raise stops to $46 from a close below $42. $64 and then $74 are our price targets now."
Well, the shares are knocking on $64 Thursday, so let's visit with the charts again.
In the updated daily bar chart of SCCO, below, we can see that the uptrend has continued. Prices remain above the rising 50-day moving average line. The daily On-Balance-Volume (OBV) line has moved up to a new high to tell us that buyers of SCCO remain more aggressive.
The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In the weekly Japanese candlestick chart of SCCO, below, we can see a constructive picture. Prices are above the rising 40-week moving average line.
The weekly OBV line is bullish and so is the MACD oscillator.
In this daily Point and Figure chart of SCCO, below, we can see that the price target got changed to $63, which has been reached.
In this weekly Point and Figure chart of SCCO, below, we can see a new higher target of $84 being projected.
Bottom-line strategy: Traders should consider trimming their long position now that our $64 target is near. Raise stops on the balance to $58 from $46.
