Price came down and pinned the monthly fair value level and is holding, so price is ready to go higher. Buy on any pullback below Friday's low with a stop at 53. Friday's price came back down to test the fair value of this little trend channel and the volume was a bit high, so i expect a low volume test on Monday to buy on. Target is at liquidity - $59..
October's Monthly chart showed a strong rejection so this month should end up much higher to catch up to the S&P 500.
Another bonus is that according to equity clock.com this is the strongest time of year for NUE in which it beats the s&p500 and , it beats its sector.
October's Monthly chart showed a strong rejection so this month should end up much higher to catch up to the S&P 500.
Another bonus is that according to equity clock.com this is the strongest time of year for NUE in which it beats the s&p500 and , it beats its sector.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.