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

By Nick Russo

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. Yesterday's price range of $38.01 and $38.30 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. 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.

Potential upside of 82.1% exists for Nucor Corp, based on a current level of $40.50 and analysts' average consensus price target of $73.77. The stock should hit resistance at its 200-day moving average (MA) of $49.09, as well as support at its 50-day MA of $37.82.

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.

Over the past year, Nucor Corp has traded in a range of $27.53 to $59.19 and closed yesterday at $40.50, 47% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 1.6%.

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 am inside day candle nucor corp

Ticker(s): NUE