Southern Copper Corporation (SCCO) Draws Bullish Attention After Forming Wedge Up Chart Pattern

December 7, 2017 - By Winifred Garcia

Investors sentiment decreased to 0.91 in Q2 2017. Its down 0.14, from 1.05 in 2017Q1. It is negative, as 27 investors sold Southern Copper Corporation shares while 72 reduced holdings. 27 funds opened positions while 63 raised stakes. 46.22 million shares or 3.66% less from 47.98 million shares in 2017Q1 were reported.
Moreover, Ameriprise Fincl has 0% invested in Southern Copper Corporation (NYSE:SCCO) for 21,348 shares. Rhumbline Advisers stated it has 129,640 shares. Cambridge Advisors Inc reported 7,274 shares. 7,482 were reported by Creative Planning. Us Fincl Bank De reported 0% in Southern Copper Corporation (NYSE:SCCO). Gam Ag reported 0.07% in Southern Copper Corporation (NYSE:SCCO). Moreover, Blackrock has 0.01% invested in Southern Copper Corporation (NYSE:SCCO). Kames Plc reported 28,446 shares. California State Teachers Retirement System owns 146,709 shares for 0.01% of their portfolio. Cornerstone Incorporated invested in 0% or 131 shares. Arrowstreet Capital Limited Partnership reported 8,100 shares stake. Australia-based Macquarie Gru has invested 0% in Southern Copper Corporation (NYSE:SCCO). Comml Bank Of Montreal Can stated it has 0% in Southern Copper Corporation (NYSE:SCCO). M&T Bankshares Corporation reported 0% in Southern Copper Corporation (NYSE:SCCO). Shell Asset Mgmt Commerce reported 0.11% in Southern Copper Corporation (NYSE:SCCO).

The stock of Southern Copper Corporation (SCCO) formed an up wedge with $43.52 target or 3.00 % above today’s $42.25 share price. The 8 months wedge indicates low risk for the $32.66 billion company. If the $43.52 price target is reached, the company will be worth $979.80 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 0.14% or $0.06 during the last trading session, reaching $42.25. About 1.04M shares traded or 4.42% up from the average. Southern Copper Corporation (NYSE:SCCO) has risen 28.26% since December 8, 2016 and is uptrending. It has outperformed by 11.56% the S&P500.

Southern Copper Corporation (NYSE:SCCO) Ratings Coverage

Among 12 analysts covering Southern Copper (NYSE:SCCO), 2 have Buy rating, 4 Sell and 6 Hold. Therefore 17% are positive. Southern Copper had 26 analyst reports since August 5, 2015 according to SRatingsIntel. The company was upgraded on Friday, August 26 by HSBC. The stock of Southern Copper Corporation (NYSE:SCCO) earned “Overweight” rating by JP Morgan on Tuesday, January 26. Credit Suisse upgraded the shares of SCCO in report on Wednesday, December 7 to “Neutral” rating. The stock of Southern Copper Corporation (NYSE:SCCO) earned “Market Perform” rating by Cowen & Co on Thursday, February 18. Cowen & Co maintained it with “Market Perform” rating and $28 target in Tuesday, May 3 report. The rating was downgraded by Barclays Capital to “Equal-Weight” on Tuesday, January 12. Santander downgraded the stock to “Hold” rating in Tuesday, December 8 report. As per Tuesday, October 6, the company rating was downgraded by Bank of America. The stock has “Market Perform” rating by BMO Capital Markets on Wednesday, March 23. The stock has “Underweight” rating by Barclays Capital on Wednesday, August 9.

More notable recent Southern Copper Corporation (NYSE:SCCO) news were published by: Reuters.com which released: “Southern Copper workers strike, company says no impact” on November 22, 2017, also Reuters.com with their article: “Southern Copper workers in Peru on strike for ninth day” published on November 29, 2017, Nasdaq.com published: “YieldBoost Southern Copper Corp From 2.4% To 11.7% Using Options” on December 07, 2017. More interesting news about Southern Copper Corporation (NYSE:SCCO) were released by: Finance.Yahoo.com and their article: “Should You Buy Southern Copper (SCCO) Ahead of Earnings?” published on November 27, 2017 as well as Bloomberg.com‘s news article titled: “A Confusing Copper Strike in Peru Highlights Supply Uncertainty” with publication date: November 28, 2017.

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