Nucor (NUE) Just Reclaimed the 20-Day Moving Average
From a technical perspective, Nucor (NUE) is looking like an interesting pick, as it just reached a key level of support. NUE recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
Shares of NUE have been moving higher over the past four weeks, up 16.3%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that NUE could be poised for a continued surge.
Looking at NUE's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 4 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors may want to watch NUE for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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