Nucor NUE-N had a major rise from US$30.66 in March 2020 to US$187.90 in April 2022 (A-B) and then settled in a large triangle pattern made up of higher lows and lower highs (dotted lines). The recent rise above the top of this formation to new all-time highs signaled a breakout and the start of a new uptrend toward higher targets (C). Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the bullish status. There is good support near US$175-180; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of US$220 and US$240. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
Monica Rizk