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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nucor (NYSE:NUE) based on the price action in the company's shares. Yesterday's price range of $47.67 and $48.20 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. Traders and investors interested in shares of Nucor may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Nucor share prices have moved between a 52-week high of $57.08 and a 52-week low of $33.90 and closed yesterday at 42% above that low price at $48.05 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.7%.

Potential upside of 4.4% exists for Nucor, based on a current level of $48.05 and analysts' average consensus price target of $50.19. The stock should discover initial support at its 50-day moving average (MA) of $46.71 and subsequent support at its 200-day MA of $42.34.

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.

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: bullish am inside day candle Nucor

Ticker(s): NUE