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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nucor Corp (NYSE:NUE) based on the price action in the company's shares. Today's price range of $38.01 and $38.30 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 Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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

Nucor Corp share prices have moved between a 52-week high of $59.19 and a 52-week low of $27.53 and are now trading 41% above that low price at $38.72 per share. The 200-day and 50-day moving averages have moved 0.9% lower and 2.9% lower over the past week, respectively.

Nucor Corp (NYSE:NUE) has potential upside of 90.5% based on a current price of $38.72 and analysts' consensus price target of $73.77. Nucor Corp shares should encounter resistance at the 200-day moving average (MA) of $49.17 and support at the 50-day MA of $38.00.

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

Keywords: bearish inside day candle nucor corp

Ticker(s): NUE