Nucor Stock Forecast

Green day on Monday for Nucor
(Updated on Apr 22, 2024)

NUE Signals & Forecast

Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nucor stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $192.46 and $192.70. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -4.65%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Nucor stock

Nucor finds support from accumulated volume at $188.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $5.03 between high and low, or 2.66%. For the last week the stock has had daily average volatility of 2.23%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (NUE) For The Upcoming Trading Day Of Tuesday 23rd

For the upcoming trading day on Tuesday, 23rd we expect Nucor Corporation to open at $191.28, and during the day (based on 14 day Average True Range), to move between $187.37 and $195.89, which gives a possible trading interval of +/-$4.26 (+/-2.23%) up or down from last closing price. If Nucor Corporation takes out the full calculated possible swing range there will be an estimated 4.45% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $192.11 (0.25%) than the support at $188.90 (1.42%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Nucor Corporation stock A Buy?

The Nucor stock holds several negative signals and despite the positive trend, we believe Nucor will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -2.094 Sell Candidate Unchanged

Predicted Opening Price for Nucor Corporation of Tuesday, April 23, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.