The PEAD projected a Bullish outlook for $NUE after a Positive over reaction following its earnings release placing the stock in drift C with an expected accuracy of 37.5%.
Steel and materials sector heating up again. Pullbacks light on volume and constructive. Cup with no handle breakout?
You don't need to know what's going to happen next to make money ~Mark Douglas
Lose like a pro and keep trading, or lose like a novice and quit ~Mark Ritchie
$NUE D , sharp falling wedge. If get a breakout target around 157 for measured move. I have level below if break that then flip short since pattern fail then. Can play X since both steel companies move similarly.
chart on the left - log scale.
You may clearly see why it is useful to check while analysing longer-term frames.
Ideal trend line reaction. as opposed to usual chart
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...
The price already touched the support of the UPTREND, and you should BUY IT NOW! You may earn more than 8% if you go LONG at around $160, and sell when NUE reaches the resistance of the UPTREND, which is about $185. RSI currently at 52. ACT NOW to grab your chance :) Good Luck
I've added $NUE to my larger list over the weekend and now pulling it in to my secondary list.
It had 6 weeks up in a row from the bottom breaking through a large double bottom base.
It's now consolidating in a small ranged box right above that pattern. Interesting spot to watch.
Why am i interested?
Change in color of bar to Blue.
There was a sell before.
False bar on top.
CCI is green.
Oscillator 5.35 is bullish.
ATR is 5.7 Bar height is 5
so .75*ATR = 3.8 and 2*ATR = 10.1
Now Bar height is between 3.8 and 10.1.
So a buy @122.10 (Previous box on left) for for 125 and 134.
Only one problem. A "V" shape recovery.
Nucor just bounced into a major fib and key level.
Even the fib-blind are now keenly aware of this line.
This is a good sentiment read on the materials sector.
Plotted here are TWO different fib series.
1) THICK lines are its GENESIS sequence:
2) DASHED lines are the COVID STIMULUS wave:
Overlaying both fibs and highlighting the confluence zones gives us...
