NUE/Nucor Corporation Highlight Follow-up 2024-01-30
Discussed Nucor/NUE 12/22/23 in this post, today 1/30/24 it broke out to all-time highs on volume (Yahoo 1.418 million shares daily average vs. 3.573 million today).
What next? No idea. But at ATHs every owner is now profitable.
The higher the price, the more profitable they are – while possibly regretting they had not previously bought more. If/when the stock declines? They’ll perhaps happily increase their positions.
Isn’t that how this works? (Narrator: it is.)
(Notes:
🔹 Per today’s Group 1 strength report, NUE is rated STRONGEST and the Steel & Iron sub-industry STRENGTHENED this past week
🔹 Per the 1/26/24 market strength report, the market is “Strengthening – Early”
12/22/23 report snippet:
<<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 attached 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).
Also:
4. MARKET = STRENGTHENING per this report.
COMMENTS:
With no guarantees this objectively calculated market/industry/sub-industry/stock strength will continue,** do items 1-4 increase the chances of a successful $NUE breakout?
As most stocks do what the market does, I’d say yes.>>