Nucor Corporation (NUE) continued to decline in recent intraday trading, with a steep short-term bearish corrective wave remaining firmly in control. The stock has now reached the key support level at $219.50 and appears poised to test a potential breakdown below it. Negative pressure continues to weigh on price action as the stock remains below its 50-day Simple Moving Average (SMA), which is acting as a dynamic resistance level and limiting the prospects for a full recovery in the near term. Momentum indicators are also generating bearish signals, reinforcing the negative outlook.

Therefore, our outlook remains bearish for the stock's upcoming trading sessions, particularly if it breaks below the $219.50 support level. A confirmed breakdown could pave the way for a move toward the next support target at $197.00.

Today's price forecast: Bearish.