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- 1 NUE stock price trades near the resistance mark of $180.
- 2 Buyers persisted in accumulating and were willing to reach highs of $200.
Nucor Corporation (NUE stock) price bounced from the 20-day EMA and is near the major hurdle of $180. Moreover, the chart shows a falling wedge pattern breakout and surpasses the key moving averages. In the last session, NUE stock posted Q2 earnings results, leading sellers into trouble, and buyers took advantage of it.
In the past sessions, NUE stock has corrected from the highs of $184 and retested the support of $130. Afterwards, a V-shaped recovery was noted, indicating that buyers are gaining strength and are looking to defeat bears.
As per the technicals, NUE stock surpassed neutrality and entered the bullish territory, indicating fresh bullishness in the following sessions. If the price exceeds $180, a massive rally will arise and the price would in all probability head towards $190, followed by $200.
Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: steel mills, steel products, and raw materials. The steel mills segment comprises carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor’s equity method investments.
The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating, tubular products businesses, piling products businesses, and wire and wire mesh. The raw materials segment consists of direct reduced iron, and ferrous and nonferrous metals. The company was founded by Ransom E. Olds in 1905 and is headquartered in Charlotte, NC.
At press time, NUE stock was traded at $172.88 with an intraday gain of 3.74% showing bullishness in yesterday’s session. Moreover, the trading volume increased by 1.90% to 1.862 Million. Furthermore, the market cap of NUE stock is $431.43 Billion.
Daily Charts Suggesting An Upcoming Rally
On the daily charts, NUE stock price is trading above the significant moving averages and indicates bullishness on the charts. Furthermore, the price entered bullish territory, where sellers are losing their strength and buyers are gaining momentum.
NUE stock price is near the significant hurdle of $180, which buyers want to overtake in the following sessions.
Short Term Charts Show Buyers Dominance
On the 4-hour charts, NUE stock price shows a surge, riding the gains inside the channel from past sessions. The correction ended in the last session and the price revamped, gaining fresh momentum with a volume spike.
The RSI curve stayed in the overbought zone and formed a positive divergence on the charts. Moreover, it indicates a further rise and growth outlook for the upcoming sessions.
The MACD indicator showed a bullish crossover, indicating buyers’ dominance on the charts.
Conclusion
Nucor Corporation (NUE stock) price rebounded from the 20-day EMA, indicating buyers’ strength on the charts. Moreover, the price is near the important Fib level at $180, an upcoming challenge for buyers to escape.
Technical Levels:
Support Levels: $165
Resistance Levels:$180 and $195
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
