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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nucor Corp (NYSE:NUE) based on the price action in the company's shares. Yesterday's price range of $52.98 and $53.15 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. Traders and investors interested in shares of Nucor Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Nucor Corp (NYSE:NUE) has potential upside of 37.9% based on a current price of $53.50 and analysts' consensus price target of $73.77. The stock should find initial resistance at its 200-day moving average (MA) of $53.93 and further resistance at its 50-day MA of $55.74.

Nucor Corp share prices have moved between a 52-week high of $62.31 and a 52-week low of $46.10 and closed yesterday at 16% above that low price at $53.50 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

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.

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: bullish am inside day candle nucor corp

Ticker(s): NUE