NUE heads up at $172: Major Resistance a LocalTop or LaunchPad?

Nov 6

NUE and other materials got an election boost.
Nucor ran right up to a major Resistance zone.
Look for a Ping-Rejection or a Break-n-Retest.

$ 170.16 - 172.25 is immediate (major) barrier.
$ 189.32 - 191.31 is the next major Resistance.
$ 160.51 - 161.73 iss the first (minor) support.

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Nov 8

Trade active

DOING

(yellow shaded part is from posting time).

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Zoom in (m1)

Caught that top EXACTLY (of course)

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Looking at the support:

$ 161.73 at top is a Genesis fib.
$ 160.51 is a fib of the wave down.
Bulls need to get back above asap.

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If current support fails:

$ 158.94-157.41 is first good support below
$ 153.25 will be a single-fib speed brake.
$ 149.48-149.55 will be Bulls' last stand.

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Proceeding exactly per plan thus far.

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Nov 13

Trade closed: target reached

BOOM! 10% gains on short

Perfect entry, time to book profits.
Given the general market melt up,
this is more likely to rise than drop.

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