About the Stock (NYSE: NUE)
Nucor Corporation is a major American steel and steel products manufacturer and is 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 hit a fresh record high, marking over 150% rise since April 2025. A mix of factors has contributed to the rally – supportive tariff policies and strong demand related to domestic infrastructure.
In its Q1 2026 results released in April, Nucor beat market estimates by reporting net earnings of $743 million compared with $156 million in Q1 2025. The management expects higher consolidated earnings for Q2 across its steel mills, steel products, and raw material segments on higher realized selling prices and stable volumes.
Some analysts remain bullish on the stock due to strong earnings growth and sustained profitability estimates. However, a few analysts remain cautious given the stock is overvalued on some estimates.
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)
Nucor is one stock that seems to be responding very well to our proprietary system, TradersGPS (TGPS). The system turned bullish on the stock on the weekly charts back in May-June 2025. Since then, the system has remained bullish.
As per our system, Blue candles indicate the stock’s trend is up. Red candles indicate the trend is down.
Not only the current run, but even the 2024-2025 downtrend was also very well captured by the system, highlighting the robustness of the system.
More importantly, it gives a chance to passive investors to participate in a sustained uptrend.
NUE (Monthly):
Nucor shares’ break above the 2024 record high of 203 has led to an acceleration in momentum. The wide-ranging green candles are a sign of a re-rating in the stock.
The next resistance to watch would be 272 (the 100% projection of the 2020-2025 swing).
NUE (Monthly):
Importantly, the break above 203 has 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.
In terms of strategy, the pace of the recent gains makes me cautious in getting in at current levels; I would use any dip as an opportunity to build longs. 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.
The stock has doubled from the time the candle colour turned Blue last year.
