July 22 Chart of the Day - Nucor Corporation

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Nucor Corporation (NUE) is the largest steel producer in the United States and the largest recycler of scrap in North America. The Charlotte, NC based company is the 16th-largest steel producer in the world.

They report earnings after the bell today so we wanted to review their chart from a price action technical analysis perspective.

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Monthly Chart 

On the monthly chart we can see that after setting its $203 all time high (ATH) back in April 2024 price fell dramatically over the next couple of months melting through many potential support levels in "free fall like mode" searching for a  bottom..

The bulls have yet to step in with any lasting conviction.

Weekly Chart

 
On the weekly chart we can see with much more clarity the dramatic fall from ATHs and where price briefly shot up over $200 then reversed starting a downward cycle.

Trading around $162 earlier today price has been attempting to find a definitive bottom but has yet to prove it so far by not producing a series of higher highs and higher lows.

The market is implying an $8.20 move in either direction as marked on the chart by this Friday July 26.  Share price has risen during the week of earnings 7 of the last 8 quarters however, it was last quarter that saw the fall and it was a big one.

Could this be the catalyst that definitively sets the bottom to raise price firmly back to the upside or will it continue falling?

Only time will tell for sure what price will do next...

We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next?