NUCOR price tries to vent off oversold saturation – Forecast today
Nucor Corporation’s stock price (NUE) edged higher in latest intraday trading, while trying to recoup some recent losses, as it also tried to vent off oversold saturation in the Stochastic, with positive signals emerging from it, amid the dominance of the main downward trend in the medium term, as the price trades alongside the secondary short-term trend line, with negative pressure due to trading below the 50-day SMA.
Therefore we expect the stock to return lower, targeting the pivotal support of $97.60, as long as the resistance of $122.40 holds on.
Today’s price forecast: Bearish
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