Steel stocks rallied together on Monday after consolidating for the past 5 trading days. We’re looking for follow through into the rest of the week, as Nucor (NUE) shares rose $6.35 (+5.28%) closing at $126.31 Monday together with Cleveland Cliffs (CLF) adding $1.22 (+5.60%) closing near the highs of the day at 23.01.
Nucor Steel Daily Chart
Nucor (NUE) shares have been basing along its 200d moving average for 6 trading days. The stock rose $6.35 (+5.28%) closing at $126.31 on 2.6 million shares, slightly above average. RSI is turning higher along with the 9ema. Price action closed above the latter to finish the session on a bullish note.
Nucor and Cleveland Cliff outperformed some of their competitors on Monday, as ArcelorMittal our favorite German steel manufaturer climbed (MT) +4.18% $30.39 and Steel Dynamics (STLD) rose +2.92% closing at $78.13. Trading volume was below average compared to Nucor and Cleveland Cliff, so we’re looking for this metric to increase in all of the steel stocks this week.
Nucor Steel 60 Minute Chart
Nucor shows a rounding bottom on this time frame, as price transitioned above its 60 minute 20 period exponential moving average. MACD and RSI (not shown) are rising.
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Vinny
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