We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Nucor (NUE) Recently Broke Out Above the 20-Day Moving Average
Read MoreHide Full Article
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 20-day moving average, which suggests a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
NUE could be on the verge of another rally after moving 6.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
The bullish case solidifies once investors consider NUE's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 5 higher, while the consensus estimate has increased too.
Investors should think about putting NUE on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Nucor (NUE) Recently Broke Out Above the 20-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 20-day moving average, which suggests a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
NUE could be on the verge of another rally after moving 6.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
The bullish case solidifies once investors consider NUE's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 5 higher, while the consensus estimate has increased too.
Investors should think about putting NUE on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.