Nucor (NUE)
By Thu, Mar 10, 2022
Metals have been on a nice run, and this week they’ve gotten hotter still.
On Monday, the price of nickel shot up 67%! Traders fear supply issues, as Russia and Ukraine combine to produce large amounts of many metals, including nickel.
With supply appearing a long-term issue, these are boom times for the producers left standing. That’s why we’re looking at a high-quality company today — Nucor (NUE).
I love Nucor (NUE) above 125 — it should go on a nice run to its next resistance level, nearly at 180.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
