Copper charts holding up nicely, especially SCCO (FCX, JJC)

The copper miners are shaping up well in terms of technical factors. The question coming up is whether this is another head fake or — at long last — the breakout move to the upside we have been looking for.

At this point, both Freeport McMoRan (FCX, quote) and the primary copper ETF JJC (quote) are back in position to challenge their respective 50-day moving averages again for the first time in nearly a month.

The last real push above the 50-day line earned JJC a 7% upswing before the bulls lost control of the copper market once again.

This time, we could once again be seeing a fake-out move. After all, the 200-day line is still way up in the sky at $51 on JJC.

FCX at least has some fundamental momentum going as it finally ramps back up production at its Grasberg mine. And at a scant 3.8 times enterprise value divided by EBITDA, it looks cheap as well.

Technically, Southern Copper (SCCO, quote) is the winner so far. This stock has established support on top of the 50-day line and is approaching its test of 200-day resistance at $31.48. After that, the sky is the limit — and its good news may spread to the rest of the copper group.