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  1. Home
  2. / Investing

Nucor Is Getting Close to an Upside Breakout

We have a new price target.
By BRUCE KAMICH
Dec 14, 2021 | 11:16 AM EST
Stocks quotes in this article: NUE

We reviewed the charts and indicators of steelmaker Nucor ( NUE) on November 11 and we were pleased with the progress and raised our suggested stop: "Traders who went long NUE on our recommendations should continue to hold. Raise stops to $101 from $89. The $144 area and then the $167 area are our price targets."   
 
The charts of NUE continue to improve and we take another look.  
 
In this daily bar chart of NUE, below, we can see that prices are ready to test/break the August highs. Prices are trading above the rising 50-day moving average line as well as the bullish 200-day line.
 
The On-Balance-Volume (OBV) line shows a rise from early February and is close to making a new high of its own. A new high from the OBV line would be confirmation of the price gains.
 
The Moving Average Convergence Divergence (MACD) oscillator has turned upwards for a new outright buy signal. 
 
 
In this weekly Japanese candlestick chart of NUE, below, we see a positive looking picture or set up. Prices are in a longer-term uptrend above the rising 40-week moving average line. The weekly OBV line has been rising the past two years and confirms the price gains. The MACD oscillator has narrowed and is close to 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 $141. 
 
 
Bottom line strategy: 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. 
 

(Nucor is a holding in the Action Alerts PLUS member club. Want to be alerted before AAP buys or sells NUE? Learn more now.)

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TAGS: Investing | Stocks | Technical Analysis | Trading | Materials | Metals & Mining | Industrials

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