NUE runs into sellers again around 62.64


Nucor Corp. (NUE) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
NUE closes above its opening price after recovering from early selling pressure
NUE pushes through 20-day moving average
NUE ends the day on a bullish note closing near the high of the day
NUE runs into sellers again around 62.64
NUE rises to highest close since April 5th
TQ Sentiment
Report Sentiment: 30% Bullish
Technical Forecast:
Overview

NUE ended Monday at 62.46 gaining $0.83 (1.35%). Today's closing price of 62.46 marks the highest close since April 5th. Trading up to $0.53 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for NUE
Volatility

Monday's trading range was $1.02 (1.64%), that's far below last trading month's daily average range of $1.71. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 60.63 and 62.68 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

After having been unable to move above 62.68 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 62.64.

Trend

Nucor Corp. shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 20-day moving average at 61.46 today for the first time since April 12th.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 62.68 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 61.05 where further sell stops could get activated. With prices trading close to this year's low at 58.74, downside momentum might accelerate should NUE break out to new lows for the year. As prices are trading close to April's high at 63.31, upside momentum could speed up should the share mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Market Conditions for Nucor Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
Strong Up Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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