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

Published on Mon, 02/25/2013 - 08:31
By Adrienne Chilton

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 $44.80 and $45.50 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.

There is potential upside of 10.3% for shares of Nucor based on a current price of $45.18 and an average consensus analyst price target of $49.81. The stock should hit resistance at its 50-day moving average (MA) of $45.43, as well as support at its 200-day MA of $40.35.

Over the past year, Nucor has traded in a range of $34.23 to $48.60 and closed yesterday at $45.18, 32% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.9%.

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.

By Adrienne Chilton
achilton@fnno.com

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