Southern Copper Corporation

  • SCCO

  • $100.00

  • -1.51%

  • $100.50

  • $100.82

  • $99.10

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Fri, March 15, 2024 | 5:46PM ET
Group135
FS Insight Team

Markets Nearly Flat Ahead of FOMC Despite Hot CPI Release

Good evening, This week, we saw the last two inflation-data releases before the next meeting of the Federal Open Market Committee (FOMC) on Wednesday, March...

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Visitor: 1bb486-3e23e8-6661a2-9f84cd-3fa898

Wed, March 13, 2024 | 12:58PM ET

⚡ FlashInsights

Wed, March 13, 2024 | 12:58PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
SCCO -1.51%  Southern Copper is particularly attractive technically speaking, given this breakout of a very lengthy long-term base, and SCCO has taken the lead in this rally and is showing more technical pattern strength than FCX today. While Many might feel SCCO is overbought at $95, this stock literally went sideways for a period of 13 years between 2007 and 2020 before starting to turn higher. This acceleration should reach $120 before facing much resistance.
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Wed, March 13, 2024 | 12:55PM ET

⚡ FlashInsights

Wed, March 13, 2024 | 12:55PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
I wrote about Copper last week along with China, and both have broken out early this week, with Copper making its big move today in pushing up above meaningful downtrends, which should kick start a push back to the high $4's into this Summer. Copper-related names like Freeport McMoran FCX -1.33%  and SCCO -1.51%  are making outsized bullish gains and both are technically attractive as a way to participate in Copper's move along with COPX -2.17%  the Global X Copper ETF.
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