Earlier this year the leading copper producer, Southern Copper Corp (SCCO), was on fire. The stock made an all time high in May 2021 at $83.29 a share. Since that high pivot, the shares of Southern Copper Corp (SCCO) stock have declined sharply. The stock is currently trading around the $60.50 level and 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 down-trend.
The next major support area for Southern Copper Corp (SCCO) stock will be around the $53.00 area. This level is an important retrace area from the March 2020 lows to the May 2021 top. Very often major retrace levels will 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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