The formation on the daily chart of Southern Copper Corporation (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
www.InTheMoneyStocks.com
