EliteTrader101
Long

NUE monthly cup and handle

NYSE:NUE   NUCOR CORP
Price came down and pinned the monthly fair value level and is holding, so price is ready to go higher. Buy on any pullback below Friday's low with a stop at 53. Friday's price came back down to test the fair value of this little trend channel and the volume was a bit high, so i expect a low volume test on Monday to buy on. Target is at liquidity - $59..
October's Monthly chart showed a strong rejection so this month should end up much higher to catch up to the S&P 500             .
Another bonus is that according to equity clock.com this is the strongest time of year for NUE             in which it beats the s&p500             and , it beats its sector.
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