Nucor was driving me nuts the last 3 months constantly setting all time highs (while the rest of the market bled out) when their last earnings had lowered guidance that would have crashed any other stock.
Twice at new records I bought puts, but chickened out and sold early for losses when they kept rebounding back to new highs again. Anyways I saw the same options today worth a couple grand more than i sold for, and that’s with theta decay of short dated options. So I did some TA and belief the risk reward is still worth buying puts or shorting, especially if you catch it when it’s going up.
So anyways, from a TA standpoint they are a little overextended and just finished an a 12345 motive wave and an ABC corrective wave pattern so the first couple leges could be choppy before the next drop, but it’s coming. The target of the bear flag was roughly the same as the head and shoulders:
Analysts give it a fair price of $60, I have it crashing to $95 minimum(the measured target). Hopefully it goes further. Got myself some puts one more time, and as usual they are starting off up.
I’m not going to paper hand this time. I believe in the TA. I respect the patterns. I trust the fundamentals will bring the price where it belongs.
Oh yeah meant to mention they broke a sharp trendline and confirmed it as resistance, besides the corrective and non-impulse waves I don’t see this going anywhere but down.
There’s also been a lot of insider selling over the last year.
There’s also been a lot of insider selling over the last year.