There are signs that NYSE:NUE may be ready to breakout.

Our stockscreener has identified a possible breakout setup on NUCOR CORP (NYSE:NUE). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:NUE for potential opportunities.

What is the technical picture of NYSE:NUE telling us.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 9 out of 10 to NUE. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, NUE is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that NUE is one of the better performing stocks in the market, outperforming 91% of all stocks.
• NUE is part of the Metals & Mining industry. There are 151 other stocks in this industry. NUE outperforms 86% of them.
• NUE is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so NUE is performing more or less in line with the market.
• In the last month NUE has a been trading in the 163.36 - 174.73 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

For an up to date full technical analysis you can check the technical report of NUE

Why is NYSE:NUE a setup?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:NUE this score is currently 9:

Besides having an excellent technical rating, NUE also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 167.59, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:NUE be traded?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.