NUE Follow Up

Last night I showed you NUE and a set up for a long position in the stock.

 Here's the daily chart (you can click on the charts for a larger view). I liked the price pattern in NUE after a pretty decent decline.

This 60 min chart shows you another price pattern and it was on the break out of this smaller triangle that NUE could be considered as a potential long position. A stop can be placed below the support of the smaller triangle or a tighter stop can be placed at the breakout level around $39.40, I'd prefer giving it a little more room. Ultimately we want to see NUE break the larger triangle around $40.40 or so, then we have a chance to see NUE really make some gains. It's a pretty decent looking set up even here and now. I encourage you to create watchlists and set alerts for price levels. If you don't have the software capability, email me and I'll send you some links to programs that can help you out.