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 on Monday (April 20) retested its previous record high of 204, marking over 100% rise since April 2025, thanks to resilient steel demand tied to infrastructure. Nucor is an industry leader in steel manufacturing, and the phenomenal gains in recent months are a reflection of greater confidence in the company’s growth trajectory.
Nucor is scheduled to release its Q1 2026 results on April 27. As per the company’s guidance, the forecasted EPS is between $2.70 and $2.80. After the Q4 2025 earnings beat expectations, the company projected improved guidance across its three key segments, including steel mills, steel products, and raw materials.
If earnings come in line with expectations, it wouldn’t be surprising to see a minor pullback – traders could use the in-line earnings to take some cash off the table, given the extent of recent gains. An earnings beat would only reaffirm the uptrend.
Our proprietary TradersGPS system picked the bullish turnaround in the stock, which we captured in our 8 July 2025 article “Nucor Corp: Steel Tariff Hike Boosts Prospects.”
The system remains bullish on the stock (see below).
NUE (Weekly):
Source: TradersGPS
Technical Analysis on Nucor Corporation (NYSE: NUE)
Our proprietary system, TradersGPS (TGPS), turned Bullish on Nucor Corporation on the weekly charts back in May-June 2025. Since then, the stock has been up over 60%. As per our system, Blue candles indicate the stock’s trend is up. Red candles indicate the trend is down.
Despite the conflict in the Middle East, the candle colour didn’t change to red. In hindsight, the model captured the underlying trend quite well, highlighting the robustness of the system.
NUE (Weekly):
Nucor shares’ break above the neckline resistance around the late-2025 high of 150 triggered a reverse head and shoulders pattern (first highlighted in the November update). The left shoulder is the end-of-2024 low, the head is the August 2025 low, and the right shoulder is the October 2025 low.
Nucor’s jump on Monday toward the 2024 record high of 203 means that the price objective of the bullish pattern has been achieved.
NUE (Weekly):
Upside Potential
There is no sign of reversal of the uptrend, suggesting that the stock could be headed toward 270 – the 100% Fibonacci projection of the 2020-2024 uptrend.
On the downside, only a break below the March low of 155 would raise the risk of an extended correction. The March pivot coincides with support on the 200-day moving average.
In terms of strategy, I would be a bit cautious in getting in at current levels given the rapid pace and extent of recent gains. On the other hand, I would continue to hold on to the stock as the TGPS system remains Bullish (candle colour remains Blue) on the weekly chart.
