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Nucor (NUE) Recently Broke Out Above the 50-Day Moving Average
Nucor (NUE - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, NUE broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
Over the past four weeks, NUE has gained 5.3%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
Once investors consider NUE's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, and the consensus estimate has increased as well.
Investors may want to watch NUE for more gains in the near future given the company's key technical level and positive earnings estimate revisions.