NUE runs into sellers again around 62.64
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.
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.
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.
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.
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.
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.
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.
|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|
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