NUE eyes on 106.54: key level for itself, materials in general

20 Jan 2022

Nucor just bounced into a major fib and key level.
Even the fib-blind are now keenly aware of this line.
This is a good sentiment read on the materials sector.

Plotted here are TWO different fib series.

1) THICK lines are its GENESIS sequence:

2) DASHED lines are the COVID STIMULUS wave:

Overlaying both fibs and highlighting the confluence zones gives us the live chart above.

21 Jan 2022

Nota

Thus my respect for Pings.

Rejected from our key level and dropped EXACTLY to first fib support below

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Zoom in (1 min) at End of Day Clean hit but barely a bounce to close the day.
I still expect a bit of a bounce next.
But this really does not look good :(

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