It's Show Time For This Steel Giant, Nucor Corporation (NYSE:NUE
Shares of Nucor Corporation (NYSE:NUE) have fallen by more than 15% from the September highs. As the global slow down, which we predicted perfectly here on August, 22nd takes a bigger hold of the markets, this is a stock you need to watch.
Nucor Corporation (NYSE:NUE) shares are trading below a critical line of support. Please note in the chart below, Nucor Corporation (NYSE:NUE) has found support, then bounced time after time, right from the trend line which the stock breached Wednesday. This trend has been holding up like a brick wall, however, unlike the steel they manufacture, the support level is not as solid. Should shares of Nucor Corporation (NYSE:NUE) stay below this line, selling might be far from it.
Nucor Corporation (NYSE:NUE) will have two major levels of support, the first is $46.51, this level can be used for a long trade with the right pattern in place. If this level fails to hold, the next and major level of support will be $43.62, and again with a proper chart set up this level will offer traders/investors with another opportunity for a trade in the long side.
Nucor Corporation (NYSE:NUE) shares are trading below a critical line of support. Please note in the chart below, Nucor Corporation (NYSE:NUE) has found support, then bounced time after time, right from the trend line which the stock breached Wednesday. This trend has been holding up like a brick wall, however, unlike the steel they manufacture, the support level is not as solid. Should shares of Nucor Corporation (NYSE:NUE) stay below this line, selling might be far from it.
Nucor Corporation (NYSE:NUE) will have two major levels of support, the first is $46.51, this level can be used for a long trade with the right pattern in place. If this level fails to hold, the next and major level of support will be $43.62, and again with a proper chart set up this level will offer traders/investors with another opportunity for a trade in the long side.