Bearish Moving Average Cross by Southern Copper (SCCO)
Southern Copper (NYSE:SCCO) shares have crossed bearishly below their 10-day moving average of $29.42 on a volume of 303K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
In the past 52 weeks, shares of Southern Copper have traded between a low of $21.55 and a high of $33.30 and are now at $28.91, which is 34% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of Southern Copper on January 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.69. Since that recommendation, shares of Southern Copper have risen 19.6%. We continue to monitor SCCO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: moving crosses Southern Copper