In tandem with many other markets (crude oil/equities) we are expecting corrections. From a technical view, copper has completed a perfect flat correction and we should expect immediate downside from here.
Although SCCO completed the bearish gartley, the pullback tested the daily breakout. Should keep above the daily trendline and go for a new high. This move is playing on weekly double bottom so very likely for bullish continuation.
Strong resistence cluster around the 30 mark, supply. If this breaks look for 35.63 harmonic target on bearish crab.
Southern Copper Corporation ("SCCO/NYSE") is one of the largest integrated copper producers in the world. They produce copper, molybdenum, zinc and silver. All of their mining, smelting and refining facilities are located in Peru and Mexico and they conduct exploration activities in those countries and in Argentina, Chile and Ecuador. Their operations...
This past March 11th 2014, I offered two distinct forecast targets, namely:
1 - TG-1 = 35.20 - 11 MAR 2014
2 - TG-2 = 38.60 - 11 MAR 2014.
This trade was particularly tricky, as it called for one bearish target and a bullish counter-trend. However, it turned out that it hit both targets with some respectable accuracy - See original chart posted...