The weekly chart shows that NUE broke through a major downtrend, line a, in late December.
The daily studies (not shown) are negative and NUE closed below its daily starc- band Thursday.
Below is a three month price history chart comparing the stock performance of NUE, versus VALE and BHP.
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Nucor ( NUE) is the largest U.S. operator of mini-mills, smaller steel facilities that use scrap as their raw material.
They just announced the payment of their 160th consecutive dividend this week and NUE has increased its dividend every year since 1973.
Steel stocks have also been under pressure, as NuCor Corp ( NUE) had a wide range on Monday and closed on the lows.
The major downtrend, line a, was overcome just before Christmas and NUE has accelerated to the upside over the past four weeks.
Kenneth Iverson, the man who, from nothing, built the world's best steelmaker, Nucor (nyse: NUE - news - people ), died last year.
In spite of an expected dip in profit, most analysts are positive about Nucor (NUE) before it reports its third quarter earnings on Thursday, October 18, 2012.
In 1993 Keith Busse was passed over for the top post at Nucor (nyse: NUE - news - people ), the country's largest steel producer.
Because of this, any weakness in NUE will likely prove more rewarding to buyers of weakness and sellers of strength than a pullback in AKS or X, both of which continue to trade in bear market territory.
FORBES: Playing New Strength In Steel With Nucor And The XME
Among the largest underlying components of XME, in trading today Worthington Industries Incorporated ( NYSE: WOR) is up about 1%, Nucor Corporation ( NYSE: NUE) is up about 0.7%, and Carpenter Technology Corporation ( NYSE: CRS) is higher by about 2.6%.
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