NUE Follow Up

If you read my Monday night post on NUE and yesterday morning's follow up you might be long NUE right now and pretty happy. NUE has broken out of the larger pattern after triggering a buy signal early yesterday, so far it looks like a decent breakout.

NUE breaking out today on a pretty strong move considering the broader market

 Here's yesterday's buy signal and today's breakout of the larger pattern.

So far the trend is in line with 3C, meaning there is no visible underlying action that would suggest the trend is weak.

And the longer term 15 min chart is still in a leading positive divergence.

I think you have to stay nimble in this market right now and I would still consider placing a trailing stop on the NUE trade.