Southern Copper (SCCO) Favors Upside & Should Remain Supported
Southern Copper (SCCO) Favors Upside & Should Remain Supported
August 8, 2023 By EWFRaj
Southern Copper Corporation (SCCO) engages in mining, exploration, smelting & refining of Copper & other minerals in Peru, Mexico, Argentina, Ecuador & Chile. The company is based in Phoenix, Arizona, US, comes under Basic Materials Sector & trades as “SCCO” ticker at NYSE.
As discussed in previous article, SCCO favors pullback in ((2)), which ended at $64.66 low. Above there, it resumes higher in (1) of ((3)) of III as the part of impulse sequence. It already breaks above ((1)) & I high confirm the bullish sequence trading at all time high. So, it expects to find support in 3, 7 or 11 swings at extreme areas to resume higher.
SCCO – Elliott Wave View From 5.22.2023:
It placed I at $83.15 high & II at $42.42 low as flat correction in weekly sequence. Above there, it favors higher in wave (1) of ((3)) of III. It placed (1) of ((1)) at $49.41 high & (2) at $45.17 low. It extended higher in (3), which ended at $78.76 high & placed (4) at $66.47 low as 0.32 Fibonacci retracement. Finally, it ended (5) at $82.05 high as ((1)). It corrected lower in ((2)) as zigzag correction, which ended at $64.66 low.
SCCO – Elliott Wave Latest Daily View:
Above ((2)) low, it resumes higher in (1) of ((3)) as it confirms higher high sequence. It placed 1 of (1) at $74.88 high, 2 at 67.64 low & 3 at $87.59 high. Currently, it favors pullback in 4 & expect small downside before turning higher in 5 of (1). Once it completed (1) sequence, it expects to pullback in (2) in 3, 7 or 11 swings & we like to buy the pullback at extreme areas for the next sequence up.
Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session, where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.
Source:https://elliottwave-forecast.com/stock-market/southern-copper-scco-favors-upside/
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Great ariticle, would you like to share it?