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SmarTrend Watching for Potential Rebound in Shares of Nucor Corp After 1.79% Loss

By James Quinn

Nucor Corp (NYSE:NUE) traded in a range yesterday that spanned from a low of $66.27 to a high of $68.12. Yesterday, the shares fell 1.8%, which took the trading range below the 3-day low of $66.62 on volume of 1.1 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Nucor Corp has traded in a range of $44.81 to $70.48 and is now at $66.55, 49% above that low. 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%.

SmarTrend recommended that subscribers consider buying shares of Nucor Corp on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.29. Since that recommendation, shares of Nucor Corp have risen 3.4%. We continue to monitor NUE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders nucor corp

Ticker(s): NUE