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3 Steel Stocks Heating Up This Week: Do The Charts Say It's Time To Buy?

March 31, 2021 3:08 pm
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3 Steel Stocks Heating Up This Week: Do The Charts Say It's Time To Buy?

Steel stocks have been heating up this week, with bullish moves in a few tickers.

United States Steel Corp. (NYSE:X), Steel Dynamics Inc. (NASDAQ:STLD) and Nucor Corp. (NASDAQ:NUE) are three steel movers. These stocks may be potential long-term investments.

Below is a daily chart analysis for each of the three stocks.

xdaily33-31-21.png

US Steel Daily Chart Analysis: The daily chart above shows there are three potentially key levels on the U.S Steel chart. The stock may have broken out of a channel.

The stock was previously trading in a channel between the price levels of $20 and $25 before the stock broke above the $25 level. This $25 level needs to hold for the stock to see higher moves.

Below the $25 level, the stock may not find support until the $20 level, and below $20 not until $16.

The stock is trading higher than the 200-day moving average (blue), indicating bullish sentiment and another potential area of support.

stlddaily3-31-21.png
Steel Dynamics Daily Chart Analysis: The chart shows the stock has been in an uptrend throughout the last year, which can be shown by connecting the lows with a line.

The stock recently broke above $44, an area it struggled to get over in the past. The stock then found support at this level.

This is an area the stock may stay above in the future.

The stock is trading higher than the 200-day moving average (blue), indicating bullish sentiment and another potential area of support.

nuedaily3-31-21.png
Nucor Daily Chart Analysis: Nucor stock has taken off over the last week, making new highs.

The chart recently broke above resistance of $67.50 and was able to retest it as support. This is an area where the stock may find support again in the future.

If the stock were to fall below $67.50, it might not find support again until $57.50.

The stock is trading higher than the 200-day moving average (blue), indicating bullish sentiment and another potential area of support.

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