A breakout is forming in this mining stock as copper prices find their footing, says Katie Stockton

Copper futures have found their footing after a sharp tariff-related decline in late July. The weekly cloud model, near $4.60 per pound, has bolstered price over the past several weeks and our indicators are improving. The weekly stochastics have their first oversold upturn since January in a bullish intermediate-term catalyst for copper, and the weekly MACD histogram has four consecutive upticks to suggest momentum is improving. Fibonacci resistance levels are $4.93 per pound and $5.30 per pound. Copper miners like Southern Copper (SCCO) stand to benefit from a rise in copper prices. SCCO has reversed a cyclical downtrend with a decisive breakout above the weekly cloud model (shaded area in the chart). The breakout is associated with an acceleration in intermediate-term momentum, supporti