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Quarterly Pattern:Rising Wedge
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Rising Wedge Pattern (Ascending Wedge)

Rising Wedge Chart PatternA Rising Wedge pattern also known as Ascending Wedge pattern is one of the most reliable, low-risk, and high-reward chart pattern. A Rising Wedge (Ascending Wedge) pattern is a triangle formation with noticeable slant to the upside. The line that connects the bottoms of the formation represents a support trend line. The resistance trend line connects the formation's tops. The Rising Wedge pattern is valid when the price touched both the support and resistance lines alternatively at least tree times. Unlike the Rising Channel formation, where support and resistance lines are parallel, in a Rising Wedge formation the support line is noticeably steeper than the resistance line. A Rising Wedge represents the loss of the upside momentum and has a bearish bias.

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- 3/15/2024 -
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Nucor Corp. (NUE) Technical Analysis

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Summary:
Weekly :Overbought sector
Daily :Williams' Percentage Range is oversoldA Parabolic SAR indicator is below and near the priceThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week for the Nucor Corp. (NUE). During the week, the NUE gained 2.66 points, or 1.43%, and closed at 188.48 on Friday, March 15, 2024. NUE was trading at average weekly trading volume.

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 195.00 on March 1, 2024. NUE gained -94.87 points, or -94.75%, in 86 weeks. The price is now at the 6.87% 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 195.00 on March 1, 2024. NUE gained -54.93 points, or -39.22%, in 18 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 178.48 and resistance is at 199.86. 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 technical indicators are neutral.

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 March 1, 2024 at 195.00 and reached 180.53 on March 14, 2024. NUE lost 14.47 points, or 7.42%, in 13 days. The chart has formed a Falling Wedge chart pattern.

Daily Technical Indicators: [See NUE daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. 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 Williams' Percentage Range help.

The daily MACD line is below its signal line since March 1, 2024. This is an indication that the short-term trend is down.

A Parabolic SAR (stop and reversal) indicator (189.12) comes close to the price (188.48). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 43.81
Williams' Percentage Range (W%R) 88.50
Oversold
Lane's Stochastic (%D-Slow) 33.53
Greed/Fear Indicator (GFI) 29.63
Moving Average Converg./Diverg. (MACD) 1.52
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.77
Williams' Percentage Range (W%R) 23.30
Lane's Stochastic (%D-Slow) 77.30
Greed/Fear Indicator (GFI) 69.94
Moving Average Converg./Diverg. (MACD) 6.28
Trading Signals
Description Value Chart
Weekly Trendline Resistance 199.86
Upper Bollinger Band 192.19
Parabolic System 189.12
Price 188.48
Weekly Stochastic Crossing 188.23
20 Day Moving Average 187.08
Daily Stochastic Crossing 183.75
50 Day Moving Average 180.90
Lower Bollinger Band 178.85
Weekly Trendline Support 178.48
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Steel 90
Daily Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
High 195.00
High Date 03/01/2024
Low 180.53
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 199.86
Support 178.48
Low 140.07
Low Date 10/23/2023
High 195.00
High Date 03/01/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 129.79
Low Date 05/31/2023
High 195.00
High Date 03/01/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 100.13
Low Date 07/05/2022
High 195.00
High Date 03/01/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 27.53
Low Date 03/18/2020
High 195.00
High Date 03/01/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.