danielonwealth

NUE "Upside Breakout" Neutral to Long

BATS:NUE   Nucor Corporation
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There are quite negative remarks by some fundamental analyst in regards to steel demands but Nucor seems to keep its business above water. The chart shows an "Upside Breakout" although the next three preceding bars shows the market's hesitation to move upwards, the previous trendline seems to be at work at the moment. There are 21 days left before the Option expiry on 16 of November, I've entered a "Bull Put Credit Spread" position for NUE with plan to stay for at least another week or so but will monitor the position daily.

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I decided to close with a profit of $435 or 18% out of $2,385 margin ($1 spread x 30 option contracts). Trading days: 3.
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