Nucor Corporation’s stock (NUE) rose mildly in the intraday levels, buoyed by positive signals from the RSI while trying to recoup some recent losses, amid the dominance of the downward correctional wave in the short term, with negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the support of $165.30, provided the resistance of $179.30 holds on.

Trend forecast: Likely Bearish