Stock Chart Analysis NUE

Posted by downtowntrader | 4/06/2008 09:53:00 PM | 0 comments »

Stock Chart Analysis NUE

Nucor Corporation (Public, NYSE:NUE)

Industrial Metal stocks have been moving higher recently, and if the markets rally, this could be a decent sector for a trade. NUE recently cleared a base and tagged new all time highs which is impressive considering the how bad the general markets have been. The stock has come back in a little and there could be a group of buyers waiting to buy who feel like they've missed the boat. Buyers have been stepping in around the 20sma and the mid $60's. Often when a stock has been consolidating just below all time highs, and then climbs back to new highs, it produces a short squeeze as shorts scramble to get out of the way. While I don't know if NUE will be able to break to new highs here, the ingredients are there for this stock to continue moving higher.

Good Trading,


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