Nucor (NYSE:NUE) was downgraded from Buy to Hold at Deutsche Bank today. The stock closed yesterday at $44.16 on volume of 3.1 million shares, above average daily volume of 2.8 million.

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.

Potential upside of 2.2% exists for Nucor, based on a current level of $44.13 and analysts' average consensus price target of $45.08. The stock should discover initial support at its 50-day moving average (MA) of $40.10 and subsequent support at its 200-day MA of $38.88.

In the past 52 weeks, shares of Nucor have traded between a low of $29.82 and a high of $49.24 and closed yesterday at $44.13, which is 48% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.9%.

SmarTrend recommended that subscribers consider buying shares of Nucor on December 1st, 2011 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $39.39. Since that recommendation, shares of Nucor have risen 12.0%. We continue to monitor NUE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.