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Steel Industry Stocks Technical Analysis - NUEArchive
- 11/22/2024 -
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Nucor Corp. (NUE) Technical Analysis
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| Summary:
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| | It was a first positive week for the Nucor Corp. (NUE). During the week, the NUE gained 5.50 points, or 3.74%, and closed at 152.50 on Friday, November 22, 2024. NUE was trading at average weekly trading volume.
 Long-term trend: [See NUE long-term trend chart]
A long-term uptrend had started on March 18, 2020 at 27.53 and reached 203.00 on April 9, 2024. NUE gained -175.47 points, or -637.38%, in 211 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (175.74) is broken. A broken support is considered to be a long-term bearish signal. 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 long-term trend.
 Medium-term trend: [See NUE medium-term trend chart]
A medium-term uptrend had started on September 11, 2024 at 133.42 and reached 170.50 on November 6, 2024. NUE gained -37.08 points, or -27.79%, in 8 weeks. The price is now at the 48.54% retracement level.
 Weekly Technical Indicators: [See NUE weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since October 4, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 November 6, 2024 at 170.50 and reached 143.70 on November 19, 2024. NUE lost 26.80 points, or 15.72%, in 13 days. The price is now at the 32.84% retracement level.
Daily Technical Indicators: [See NUE daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since November 14, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. 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.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. 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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