ACTION:

Buy to open the NUE April 48 calls (NUE160415C00048000, $0.55, up $0.19) at current levels.

Dear Momentum Options Subscriber,

I have a New Trade this afternoon on a steel stock that is showing strength. Shares are making a run at their 52-week high, and I want to play the bullish action with call options.

 

Nucor (NUE, $46.43, up $0.94)

Buy to open the NUE April 48 calls (NUE160415C00048000, $0.55, up $0.19) at current levels.

Action: I like these call options at current levels, and you can use a Limit Order up to $0.65 to get the best fill.

These are the regular monthly options that expire on April 15, and I will provide the parameters of the trade in tomorrow’s Pre-Market Update.

Shares look good for a run to $50 or higher, as the 50- and 100-day moving averages are curling higher. A close above $46.50 would confirm that higher highs are likely in store.

NUE

All prices given in this update are current as of 3:00 p.m. EST.

I hereby disclose that I will be participating in the aforementioned trade(s). Every new Momentum Options recommendation is listed with the price at which I entered my own position. If the price is slightly different than my recommended entry or exit price when you receive the alert, don’t let that keep you from getting into or out of a trade. Occasionally, you might even get a better “fill” price than what is posted in the Open Trades and Closed Trades.

Trade on!

Rick Rouse
Editor and Chief Options Strategist
Momentum Options