Southern Copper Corporation engages in mining, exploring, producing,
smelting, and refining copper and other minerals in Peru, Mexico, and
Chile. It is involved in the mining, milling, and flotation of copper
ore to produce copper and molybdenum concentrates; smelting of copper
concentrates to produce anode copper; and refining of anode copper to
produce copper cathodes, as well as refined silver. The company operates
the Toquepala and Cuajone mine complexes and the smelting and refining
plants, which produce copper with production of by-products of
molybdenum, silver, and other material. It also has the La Caridad and
Buenavista mine complexes and the smelting and refining plants that
produce copper with production of by-products of molybdenum, silver, and
other material. In addition, the company operates five underground
mines that produce zinc, copper, silver, and gold; a coal mine, which
produces coal and coke; and a zinc refinery. It has 80,512 hectares of
exploration concessions in Peru; 123,293 hectares of exploration
concessions in Mexico; 100,383 hectares of exploration concessions in
Argentina; 35,958 hectares exploration concessions in Chile; and 2,544
hectares of exploration concessions in Ecuador.
To review Southern’s stock, please take a look at the 1-year
chart of SCCO (Southern Copper Corporation) below with my added
notations:
SCCO has been in a persistent downtrend since January of this
year. During that time the stock has also formed an important trend line
of resistance (red). Always remember, any (2) points can start a trend
line, but it’s the 3rd test and beyond that confirm its importance. As
you can see, SCCO’s trendline was very important. Now that the stock has
broken that resistance SCCO should either move higher or begin to form a
base.
The Tale of the Tape: SCCO has broken a
downtrending resistance. The stock should be bottoming out and
eventually moving higher. Now would be a good time to watch the stock to
identify a key level of entry, like for example, on a pullback down to
$26.
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