Steel stock Nucor Corp (NYSE:NUE) was last seen up 0.4% to trade at $166.17, sitting just below its Dec. 11 one-year high of $168.04. And if history is any guide, the shares could soon extend those highs.
According to data from Schaeffer’s Senior Quantitative Analyst Rocky White, there have been four instances over the past five years when NUE traded within 2% of its 52-week high, while its Schaeffer’s Volatility Index (SVI) sat in the 20th percentile, or lower, of its annual range. That setup is in place again today, with the security’s current SVI of 28%, which sits in the 4th percentile of its annual range.
Following those signals, NUE was higher one month later 75% of the time, averaging a 7.1% gain. From its current perch, a similar move would place the shares at $177.96-- their highest level since February 2024. Plus, in the event of a short-term pullback, underlying support at the 30-day moving average is also in place.
