About the Stock (NYSE: NUE)
Nucor Corporation is a major American steel and steel products manufacturer, also recognized as the largest recycler in North America.
Headquartered in North Carolina, Nucor is the largest steel producer in the United States and the 16th largest globally. The company operates in three segments: steel mills, steel products, and raw materials.
Stock background:
Nucor Corporation has scaled to record highs in recent months, thanks to strong earnings, steady cash flow, rising steel prices, and increasing steel demand related to infrastructure.
Notwithstanding the disappointing guidance for the third quarter ending October 2026, broadly, Nucor earnings have beaten market expectations this year. The company posted a record 7 million tons in quarterly steel mill shipments in Q1 2026 and 7.1 million in Q2 2026. In both quarters this year, net earnings improved on a year-on-year basis.
The company announced third-quarter 2026 results on September 17, with guidance disappointing some investors. The company warned that the shrinking raw material segment could lead to a squeeze in overall corporate profit. Nonetheless, the compression could well be a consolidation rather than a reversal of the strong earnings momentum.
Our proprietary TradersGPS system picked the bullish turnaround in the stock, which we captured in our July 2025 article “Nucor Corp: Steel Tariff Hike Boosts Prospects.” The system remains bullish on the stock (see below).
NUE (Weekly):
Technical Analysis on Nucor Corporation (NYSE: NUE)
Despite the recent gyrations in the stock, our proprietary system TradersGPS (TGPS) remains bullish.
The system is inherently built to withstand minor fluctuations that don’t affect the broader trajectory.
As the above chart shows, the system turned bullish in mid-2025. As per our system, Blue candles indicate the stock’s trend is up. Red candles indicate the trend is down. The stock has nearly doubled since the candle colour turned Blue on the weekly chart. The strategy is designed to give a chance for passive investors to participate in a sustained uptrend.
NUE (Monthly):
The recent consolidation isn’t surprising given stiff resistance at 272 (the 100% projection of the 2020-2025 swing). However, there is no sign of reversal of the uptrend. Only a fall below the July low of 221 would pose a risk to the uptrend.
On the upside, the next level to watch would be around 380 (the 1.618 times projection of the 2020-2025 swing.
NUE (Monthly):
After being in a range for five years, Nucor rose above the range earlier this year. The break above the 2024 high of 203 triggered a major bullish pattern — a double bottom pattern (the 2022 and 2025 lows) or a slightly upward-sloping channel from 2022. Regardless of the pattern, the price objective works out to around 305-320 in the coming months.
From a strategy perspective, I would continue to hold on to the stock as the TGPS system remains Bullish (candle colour remains Blue) on the weekly chart.
Moreover, I would be inclined to add to some longs on dips.
