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Saturday, November 15, 2008

Southern Copper Corp (PCU)

The daily chart shows that it broke above then below the 20ema. This may take another couple of weeks to form if it bounces off the bottom of the wedge and heads back up. If it breaks below $11.97 (Thursday’s low), it could go to $11 quickly before hitting support. 52 week low is $9.13. If it stays in the wedge, and holds the $16 top end, then it’ll have another chance to tank through the bottom, perhaps Friday. Note that it closed at the low-of-day, so it probably has to backtest before it is confirmed.

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