Nucor Is Near its 50 Day Moving Average

Published on Friday, 08 March 2013 08:24 Written by TradersHuddle Wire

New York, March 8th (TradersHuddle.com) - Nucor Corporation (NYSE:NUE) closed the trading day at $46.78, near its 50 day moving average that is set at $45.87. Nucor's price action is just above this important support level, providing a trading opportunity.

Nucor Corporation (NYSE:NUE) manufactures carbon and alloy steel, steel joists, steel deck, cold finished steel, steel grinding balls, steel bearing products, and metal building systems. The company is based in Charlotte, NC

The peaks and troughs algorithm shows calculated support at $43.41 and calculated resistance at $45.61. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Nucor should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.