On December 14 we reviewed the charts of steelmaker Nucor ( NUE) , and wrote, "Continue to hold NUE longs from previous recommendations. Raise stops to $105 from $101. Strength above $122.47 is bullish. The $141 area is our new price target for now." Prices have broken out above $122.47, so let's see how we should adjust our strategy. 
In this daily bar chart of NUE, below, we can see that prices have climbed higher since our mid-December review. NUE has broken out over the highs of November and December. Prices are trading above the rising 50-day moving average line as well as the 200-day line.
The On-Balance-Volume (OBV) line rose in December telling me that buyers of NUE have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator has stayed above the zero line since late October.
In this weekly Japanese candlestick chart of NUE, below, we can see that prices have climbed above the upper shadows of November and December. Only a slight amount of overhead resistance remains. NUE is trading above the rising 40-week moving average line.
The weekly OBV line is bullish and confirms the price gains and the MACD oscillator is not far from an upside crossover and new buy signal.
In this daily Point and Figure chart of NUE, below, we can see an upside price target of $159 now. A trade at $128 will be a fresh breakout.
In this weekly Point and Figure chart of NUE, below, we used a five box reversal filter and the software gave an ambitious price target of $282.
Bottom line strategy: Traders can continue to hold previous longs. The $159 area is our price target now.
(Nucor is a holding in the Action Alerts PLUS member club. Want to be alerted before AAP buys or sells NUE? Learn more now.)
