Our analysis is based on long term trends, and if they are promissing, short term analysis. First, we view the
3 year weekly charts, followed by a 1 year daily chart. This analysis allows you to view the larger picture and trend,
rather than just looking at a short term prospective. This way, you can use short term volatilty to your advantage, if the
long term trend is positive.
You will see a summery of the stock we are analyzing, followed by the 3 year and 1 year charts. At the end, you will see a technical analysis summery. That's it,
to the point technical stock market analysis daily!
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Technical Analysis for Febuary 1st 2006
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| STOCK: NUCOR NUE |
CRAMER SAYS: BIGGEST RECYCLER IN THE U.S. |
| CURRENT PRICE: 84.23 |
TREND: LONT TERM UP TREND |
| TARGET PRICE: N/A |
RECOMMENDATION: WAIT FOR A PULL BACK |
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Long Term Chart (Weekly 3yr) - To view the bigger picture
Charts Courtesy of StockCharts.com
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Short Term Chart (Daily 1yr) - Where to take a position
Charts Courtesy of StockCharts.com
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Jim featured this stock as one of his industrial picks last night. The long term chart is fairly impressive, with it breaking resistance levels and propelling to current highs. The stock had big gains last week, and the MACD shows the stock sitting at very high levels here, which may suggest that a break may be needed, or your not getting a bargain, either way, this stock may not be one you want to jump into right away. On the short term charts, there was a clear divergence at $70, which propelled it to these levels. Hindsight is always, well, you know. Anyways, back to the charts, which suggest that a break is needed here as well, after a 25% gain, some holders will want to take profits here. The MACD here looks like it may have stretched out a bit here, and the RSI has decided to go down.
Bottom line, the long term trend is good, but it may be wise to wait before rushing in.
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