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Nucor Set to Possibly Pullback After Yesterday's Rally of 1.97%

By James Quinn

Nucor (NYSE:NUE) traded in a range yesterday that spanned from a low of $47.29 to a high of $48.23. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $47.46 on volume of 1.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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.

Over the past year, Nucor has traded in a range of $33.90 to $57.08 and is now at $48.14, 42% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.7%.

Keywords: rebounders Nucor

Ticker(s): NUE