FG Trade/E+ via Getty Images
FG Trade/E+ via Getty Images
The Chart of the Day belongs to the steel company Nucor (NUE). I found the stock by sorting Barchart's All Time High list first by the most frequent number of new highs in the last month then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Spotter signaled a buy on 2/9 the stock gained 14.93%.
NUE Price vs Daily Moving Averages ( )
NUE Price vs Daily Moving Averages ( )
Nucor Corporation manufactures and sells steel and steel products. The company's Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products. It also engages in the steel trading and rebar distribution businesses. This segment sells its products to steel service centers, fabricators, and manufacturers in the United States, Canada, and Mexico. Its Steel Products segment offers hollow structural section steel tubing products, electrical conduits, steel racking, steel joists and joist girders, steel decks, fabricated concrete reinforcing steel products, cold finished steel products, steel fasteners, metal building systems, insulated metal panels, steel grating and expanded metal products, and wire and wire mesh products primarily for use in nonresidential construction applications. This segment also engages in the piling distribution business. The company's Raw Materials segment produces direct reduced iron (DRI); brokers ferrous and nonferrous metals, pig iron, hot briquetted iron, and DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap metal, as well as engages in the natural gas drilling operations. This segment sells its ferrous scrap to electric arc furnace steel mills and foundries for manufacturing process; and nonferrous scrap metal to aluminum can producers, secondary aluminum smelters, steel mills and other processors, and consumers of various nonferrous metals. It serves agriculture, automotive, construction, energy and transmission, oil and gas, heavy equipment, infrastructure, and transportation industries through its in-house sales force; and internal distribution and trading companies. Nucor Corporation was incorporated in 1958 and is based in Charlotte, North Carolina. (Source: Seeking Alpha)
Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Analysts and Investor sentiment -- I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:
CONCLUSION: I think a lot of these analysts projections have not factored in all the steel it will take to build all the projects the current administration's vision will need. Steel is a basic commodity that will be needed in the future and Nucor is in a great position to provide the steel. Looks like a buy to me.
This article was written by
Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in NUE over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least on a weekly basis.