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Possible Bearish Inside Day Candle Pattern Detected for Nucor Corp (NYSE:NUE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nucor Corp (NYSE:NUE) based on the price action in the company's shares. Yesterday's price range of $51.54 and $52.20 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Nucor Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Nucor Corp share prices have moved between a 52-week high of $64.80 and a 52-week low of $46.10 and closed yesterday at 12% above that low price at $51.73 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

Nucor Corp has overhead space with shares priced $51.73, or 29.9% below the average consensus analyst price target of $73.77. The stock should hit resistance at its 200-day moving average (MA) of $54.93, as well as support at its 50-day MA of $50.36.

Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials.

SmarTrend is tracking the current trend status for Nucor Corp and will alert subscribers who have NUE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle nucor corp

Ticker(s): NUE