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Archive
- 4/26/2024 -
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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 -15.94 points, or -8.33%, and closed at 175.42 on Friday, April 26, 2024. Weekly volume was 75% above 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 26.81% 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 uptrend support line (189.31) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. NUE may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
 Weekly Technical Indicators: [See NUE weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. 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.
During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. 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 170.82 on April 25, 2024. NUE lost 32.18 points, or 15.85%, in 16 days. The price is now at the 14.29% retracement level.
 Daily Technical Indicators: [See NUE daily technical indicators chart]
Daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Use the following links to access Relative Strength Index and 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. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and 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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