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’s stock hit a 52-week high after the fourth-quarter 2025 earnings beat expectations. The company issued improved guidance for the first quarter 2026 earnings across its three key segments, including steel mills, steel products, and raw materials.
The Q4-2025 earnings trend followed the previous quarter’s showing resilience despite the cyclicality of steel prices and the capex-heavy nature of the industry.
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):
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. As per our system, Blue candles indicate the stock’s trend is up. Red candles indicate the trend is down.
Despite the recent directionless trend in the benchmark S&P 500 index, Nucor has continued to advance to new highs, reflecting its relative strength relative to the broader index.
NUE (Weekly):
Nucor shares’ break above vital resistance at the end-2024 high of 170 has opened the gates toward the 2024 record high of 203.
NUE (Weekly):
Reverse Head and Shoulders Pattern Target
The 2024 high of 203 also aligns with the price objective of a reverse head and shoulders pattern that got triggered in November (refer to the November update highlighting the pattern). 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.
Given the pace and the extent of the gains since late 2025, it would be too soon to conclude a decisive break above 203.
While longer-term momentum bodes well for the medium-term outlook on the stock, some near-term consolidation can’t be ruled out around the 2024 high of 203.
Key Support Levels
It is probably not a good idea to chase the stock given the recent run-up. Moreover, the stock is trading expensive relative to the S&P 500 index. It might be prudent to wait for a pullback.
On the downside, only a break below the end-January low of 165 could imply a deeper correction. Stronger support is on the 200-day moving average (now at 145.00).
FAQ
Why is Nucor stock approaching its 2024 record high?
Stronger-than-expected Q4 earnings and improved 2026 guidance supported a breakout above key resistance at 170.
What does TradersGPS indicate for NUE?
The weekly TradersGPS signal has remained Bullish since mid-2025, indicating sustained upward momentum.
What technical pattern is supporting the rally?
A reverse head and shoulders pattern triggered in November projects upside toward the 2024 high near 203.
Is Nucor overextended at current levels?
After a strong rally, near-term consolidation around 203 cannot be ruled out, especially given the elevated valuation relative to the S&P 500.
