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Steel Industry Stocks Technical Analysis - NUEArchive
- 4/19/2024 -
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Nucor Corp. (NUE) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Nucor Corp. (NUE). During the week, the NUE dropped -3.17 points, or -1.63%, and closed at 191.36 on Friday, April 19, 2024. Weekly volume was -16% below average.
NUE is a member of Materials Sector. Materials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See NUE long-term trend chart]
A long-term uptrend had started on July 5, 2022 at 100.13 and reached 203.00 on April 9, 2024. NUE gained -102.87 points, or -102.74%, in 92 weeks. The price is now at the 11.32% retracement level.
 Medium-term trend: [See NUE medium-term trend chart]
A medium-term uptrend had started on October 23, 2023 at 140.07 and reached 203.00 on April 9, 2024. NUE gained -62.93 points, or -44.93%, in 24 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 187.51 and resistance is at 207.54. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See NUE weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See NUE short-term trend chart]
A short-term downtrend had started on April 9, 2024 at 203.00 and reached 188.95 on April 18, 2024. NUE lost 14.05 points, or 6.92%, in 9 days. The price is now at the 17.15% retracement level.
 Daily Technical Indicators: [See NUE daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since April 9, 2024. This is an indication that the short-term trend is down.
Price is close to the 50 Day Moving Average. While daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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