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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nucor (NYSE:NUE) based on the price action in the company's shares. Today's price range of $47.30 and $48.03 is within yesterday'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Nucor have traded between a low of $33.90 and a high of $57.08 and are now at $47.63, which is 41% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.7%.

Nucor Corporation manufactures steel products. The Company's products include carbon and alloy steel, steel joists, steel deck, cold finished steel, steel grinding balls, steel bearing products, and metal buildingsystems. Nucor also brokers ferrous and nonferrous metals, pig iron and HBI/DRI, supplies ferro-alloys, and processes ferrous and nonferrous scrap.

There is potential upside of 5.4% for shares of Nucor based on a current price of $47.63 and an average consensus analyst price target of $50.19. Nucor shares have support at the 50-day moving average (MA) of $46.71 and additional support at the 200-day MA of $42.34.

SmarTrend is monitoring the recent change of momentum in Nucor. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Nucor in search of a potential trend change.

Keywords: bearish inside day candle Nucor

Ticker(s): NUE