NUE/Nucor Corporation Highlight 2023-12-22

Brian Degracia

23 Dec 2023 • 2 min read

NUE/Nucor Corporation Stock 2022 through 2023. The current price level has been a ceiling while the lows have been rising.

About $NUE/Nucor Corporation stock - its current high-$170s price (near its all-time high) has been a 3x ceiling over rising lows for ~21 months.* Plain as day. Not as obvious (see this Metals & Mining Industry 2023-12-19 update):

Nucor STOCK = "STRONGEST" (highest of 9 strength levels) in the
Steel & Iron SUB-INDUSTRY = STRENGTHENED 2 levels to "Stronger" (3rd strongest of 9 levels) within the
Metals & Mining INDUSTRY = STRENGTHENED 1 level to "Strong" (4th strongest).
MARKET = STRENGTHENING

The Metals & Mining industry strengthened 1 level and the Steel & Iron sub-industry strengthened 2 levels (such a move is atypical).

This listing of the stocks rated Strongest and Weakest (of 9 levels) in the Metals & Mining industry shows NUE is rated Strongest (second from bottom).

COMMENTS
With no guarantees this objectively calculated market/industry/sub-industry/stock strength will continue,** do items 1-4 above increase the chances of a successful $NUE breakout?

As most stocks do what the market does, I’d say yes.

And, though outcomes cannot be controlled, process can. Actively confirming sub-industry, industry, and market strength before entering individual positions
A) belongs on every discipline-enforcing checklist and
B) should help one make consistently better choices among multiple buy candidates.

NOTES
* I am not a chartist, and this is not a prediction or recommendation.

** There is no guarantee any of this strength will continue. Anything can happen at any time, which is why risk management is paramount. However, this strength has been objectively calculated and concluded without bias, emotions, feelings, interpretations, judgments, or opinions. Unless and until the facts convey otherwise, always act based on what IS and not what should or might be.

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