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Possible Topping Signal On Southern Copper

The formation on the daily chart of Southern Copper Corporation (NYSE:USA) (NYSE:SCCO) may signal a short term high.  Southern Copper is up from a low of $27.53 back on August 25th, 2010. The stock hit a high today of $43.73.  That is a run of 58% in less than two months.  The key to this stock is the daily candle formation.  The stock shot higher early, only to reverse and move to the lows. This may be a topping tail signal which tells the elite Wall Street group a top may have arrived in the short term.  Should a pull back be in play, watch for the daily 20 moving average to get tagged.  This is currently at the $38.50 level. 

Gareth Soloway
Chief Market Strategist