Shares of Nucor Corporation ((NYSE:NUE) have fallen by more than 15% from the September highs. As the global slow down, which we predicted perfectly here on August, 22nd takes a bigger hold of the markets, this is a stock you need to watch.
Nucor Corporation shares are trading below a critical line of support. Please note in the chart below, Nucor Corporation has found support, then bounced time after time, right from the trend line which the stock breached Wednesday. This trend has been holding up like a brick wall, however, unlike the steel they manufacture, the support level is not as solid. Should shares of Nucor Corporation stay below this line, selling might be far from it.
Nucor Corporation will have two major levels of support, the first is $46.51, this level can be used for a long trade with the right pattern in place. If this level fails to hold, the next and major level of support will be $43.62, and again with a proper chart set up this level will offer traders/investors with another opportunity for a trade in the long side.
by Kiliam Lopez