NUE heads up at $172: Major Resistance a LocalTop or LaunchPad?
NUE and other materials got an election boost. Nucor ran right up to a major Resistance zone. Look for a Ping-Rejection or a Break-n-Retest.
$ 170.16 - 172.25 is immediate (major) barrier. $ 189.32 - 191.31 is the next major Resistance. $ 160.51 - 161.73 iss the first (minor) support.
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Trade ativo
DOING
(yellow shaded part is from posting time).
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Zoom in (m1)
Caught that top EXACTLY (of course)
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Looking at the support:
$ 161.73 at top is a Genesis fib.
$ 160.51 is a fib of the wave down.
Bulls need to get back above asap.
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If current support fails:
$ 158.94-157.41 is first good support below
$ 153.25 will be a single-fib speed brake.
$ 149.48-149.55 will be Bulls' last stand.
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Proceeding exactly per plan thus far.
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Trade fechado: objetivo atingido
BOOM! 10% gains on short
Perfect entry, time to book profits.
Given the general market melt up,
this is more likely to rise than drop.
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