Possible Bullish Inside Day Candle Pattern Detected for Nucor (NYSE:NUE)

Published on Fri, 03/27/2015 - 07:19
By Adrienne Chilton in Candlestick, NUE, bullish am inside day candle, nucor, nyse:nue

Analysts have spotted a possible bullish inside day candle pattern in Nucor (NYSE:NUE) based on the price action in the company's shares. Yesterday's price range of $46.80 and $47.45 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Nucor may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Nucor has traded in a range of $42.93 to $58.76 and closed yesterday at $47.11, 10% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Nucor Corporation manufactures steel products. The Company's products include carbon and alloy steel, steel joists, steel deck, cold finished steel, steel grinding balls, steel bearing products, and metal buildingsystems. Nucor also brokers ferrous and nonferrous metals, pig iron and HBI/DRI, supplies ferro-alloys, and processes ferrous and nonferrous scrap.

Nucor (NYSE:NUE) has potential upside of 13.8% based on a current price of $47.11 and analysts' consensus price target of $53.60. The stock should hit resistance at its 200-day moving average (MA) of $50.60, as well as support at its 50-day MA of $46.61.

By Adrienne Chilton
achilton@fnno.com

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