Thursday 17 May 2012

NUE - Industrials falling hard

Nucor (NUE) is one of the better industrial stocks out there, but, along with the broader equity market, it is suffering in this current 12 day down cycle.


NUE, daily



Summary

It is interesting that Nucor is now at key support in the 34s - this goes back all the way to the November 2011 lows (when Sp'1160). If 33s are seen, then a move to the 29s would seem a fair guess. Would that imply Sp' has a lot further to go in this down cycle?

A good company...but if the broader macro-economic picture deteriorates in the US, this company is going to suffer greatly.