Southern Copper Corporation Stock Forecast
Southern Copper Corporation stock upgraded from Sell Candidate to Buy Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Southern Copper Corporation stock price gained 1.20% on the last trading day (Tuesday, 2nd Jul 2024), rising from $108.64 to $109.94. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.67% from a day low at $107.70 to a day high of $110.58. The price has risen in 6 of the last 10 days and is up by 4.45% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 169 thousand more shares were traded than the day before. In total, 877 thousand shares were bought and sold for approximately $96.37 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -4.20% during the next 3 months and, with a 90% probability hold a price between $99.98 and $121.35 at the end of this 3-month period.
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SCCO Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 4.45%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Southern Copper Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $114.04. On a fall, the stock will find some support from the short-term average at $108.86. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Southern Copper Corporation stock
Southern Copper Corporation finds support from accumulated volume at $109.64 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.88 (2.67%) between high and low. For the last week, the stock has had daily average volatility of 2.15%.
Our recommended stop-loss: $104.38 (-5.06%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (SCCO) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Southern Copper Corporation to open at $109.41, and during the day (based on 14 day Average True Range), to move between $106.67 and $113.21, which gives a possible trading interval of +/-$3.27 (+/-2.97%) up or down from last closing price. If Southern Copper Corporation takes out the full calculated possible swing range there will be an estimated 5.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $110.18 (0.22%) than the support at $109.64 (0.27%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Southern Copper Corporation stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.275 Buy Candidate Upgraded
Predicted Opening Price for Southern Copper Corporation of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $109.41 ( 0.485%) | $109.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SCCO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 112.29 | 2.13% |
| R2 | 111.19 | 1.13% |
| R1 | 110.51 | 0.516% |
| Price | 109.94 | |
| S1 | 108.31 | -1.49% |
| S2 | 107.63 | -2.10% |
| S3 | 106.53 | -3.10% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 129.26 | 17.57% |
| R2 | 116.94 | 6.37% |
| R1 | 110.18 | 0.218% |
| Price | 109.94 | |
| S1 | 109.64 | -0.273% |
| S2 | 109.23 | -0.646% |
| S3 | 108.07 | -1.70% |
SCCO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 19, 2024 | May 07, 2024 | May 23, 2024 | $0.0100 | 0.0086% |
| 2 | Feb 12, 2024 | Feb 12, 2024 | Feb 29, 2024 | $0.80 | 1.00% |
| 3 | Oct 19, 2023 | Nov 07, 2023 | Nov 22, 2023 | $1.00 | 1.34% |
| 4 | Jul 20, 2023 | Aug 08, 2023 | Aug 23, 2023 | $1.00 | 1.24% |
| 5 | Apr 20, 2023 | May 08, 2023 | May 23, 2023 | $1.00 | 1.52% |
FAQ
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