What NUE

By TheWild1 at 6 March, 2008, 3:31 am, Categories : Stock Recommendations

Breaking News - I am a genius.

In other news, I am looking at Nucor Corportation (NUE). Looking at a month time frame I see an ascending triangle. If everything pans out:

Buy at $70
The distance between base and hypotenuse shows price target of $73.50 (maybe $74).

Sorry if you can’t read the chart, but the pattern is there.

NUE_3608

The one thing that catches my attention that this couldn’t work out is that the executive VP sold his shares, and it became public towards the end of the market hours. He originally sold it Monday, so he missed out on the recent 4 point rise; nonetheless, it looks a little fishy. The company also just finished the acquisition of the country’s biggest scrap broker and processor.