Southern Copper Keeps Sinking, Here’s The Support Level
Earlier this year, the leading copper producer, Southern Copper Corp (SCCO), was on fire. The stock made an all-time high in May at $83.29 a share. Since that high pivot, the shares of Southern Copper stock have declined sharply.
The stock has recently been trading around the $60.45 level and it looks very weak on the daily chart. The stock has now fallen below its important 50- and 200-day moving averages, confirming the daily chart downtrend.
The next major support area for Southern Copper stock will be around the $53.00 area. This level is an important retracement area from the March 2020 lows to the May 2021 top.
Oftentimes, major retracement levels serve as excellent support when tested. This is also a monthly breakout level from October 2020, which should add strength to the support area when tested. This is a level where I will be looking for a long-side trade setup in the stock.
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