Daily Stock Report

Nucor Corp - (NUE) - November 23, 2022

Steelmaker Nucor (NUE) has been bouncing around between the Green Favored Zone and the yellow zone of the SIA S&P 500 Index Report this year. Currently it is on an upswing which started in late September. Yesterday it climbed 4 spots to 24th place and it is up 23 positions in the last month. 

A major breakout is underway in Nucor (NUE) shares this week. Since retesting support near $100.00 in September, the shares have been under renewed accumulation, steadily climbing in a bullish Rising Channel of higher highs and higher lows, retaking their 50-day moving average and snapping out of a downtrend along the way. This week, the shares have broken out over $142.50, completing a bullish Ascending Triangle to confirm the start of a new uptrend, with a positive gap yesterday adding icing on the cake. 

The shares have now regained the $150.00 level with next potential upside resistance tests at a recent peak near $160.00, the April closing high near $175.00, and a measured $182.50. Initial support moves up toward $140.00. 

Back in September, Nucor (NUE) successfully retested its July low near $102.45, holding above the $100.00 round number again, and has not looked back since. Over the last two months, NUE has steadily bounced back without even a 3-box correction, and recently completed bullish Double Top and Spread Double Top breakouts to confirm the start of a new upswing. 

Initial upside resistance appears at a previous column high near $158.40, followed by $175.00 where a round number, the April peak, and both vertical and horizontal counts cluster together. Initial downside support appears near $137.90 based on a 3-box reversal.  

With a perfect SMAX score of 10, NUE is exhibiting strength across the asset classes. 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.