Nucor Corp (NUE) has seen very strong price action over the past several months. While climbing into new all time highs, the stock managed to create a very nice uptrend.

Since nearly reaching 83.00, NUE has pulled back significantly. The stock broke through uptrend support Thursday, and managed to close below the support line. This is a bearish indication, and will likely lead to continued selling pressure. It's difficult to measure moves with this type of technical action, but remember to note that the previous uptrend support should now act as resistance.



Andy Swan is co-founder and head trader for DaytradeTeam.com. To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.