Nucor Could Be Inching Toward a Breakout
Metal stocks have fought higher all quarter, and now a key steelmaker may be attempting a breakout: Nucor.
The first pattern on today’s chart is the series of higher lows since late last month. NUE was stuck below $137 (the close of on October 26) for several weeks, which produced an ascending triangle. But prices broke out on November 10.
Second is the summer peak around $146. The stock is approaching that level. A close above it could draw some buyers from the sidelines.
Third, the recent consolidation took place above the 200-day simple moving average (SMA). That may suggest its longer-term trend is bullish.
Speaking of longer-term trends, notice the higher lows in July and September versus January.
Finally, MACD has been positive almost all quarter.
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The first pattern on today’s chart is the series of higher lows since late last month. NUE was stuck below $137 (the close of on October 26) for several weeks, which produced an ascending triangle. But prices broke out on November 10.
Second is the summer peak around $146. The stock is approaching that level. A close above it could draw some buyers from the sidelines.
Third, the recent consolidation took place above the 200-day simple moving average (SMA). That may suggest its longer-term trend is bullish.
Speaking of longer-term trends, notice the higher lows in July and September versus January.
Finally, MACD has been positive almost all quarter.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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