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Shares of Nucor Under Pressure, Down 1.3%

Published on Wed, 01/16/2013 - 13:24
By Peter Chu

Down 1.3% to $45.48, Nucor (NYSE:NUE), is one of today's notable movers. The Dow is down 0.3% to 13,499 and the S&P is currently trading fractionally lower to 1,471.

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.

Over the past year, Nucor has traded in a range of $34.23 to $46.13 and is now at $45.48, 33% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Nucor (NYSE:NUE) is currently priced 0.5% above its average consensus analyst price target of $45.25. The stock should find initial support at its 50-day moving average (MA) of $42.14 and further support at its 200-day MA of $39.55.

By Peter Chu
pchu@fnno.com

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