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Possible Bearish Inside Day Candle Pattern Detected for Eastman Chemical (NYSE:EMN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eastman Chemical (NYSE:EMN) based on the price action in the company's shares. Today's price range of $83.28 and $83.82 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Eastman Chemical may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 4.0% for shares of Eastman Chemical based on a current price of $83.58 and an average consensus analyst price target of $86.93. The stock should discover initial support at its 50-day moving average (MA) of $72.62 and subsequent support at its 200-day MA of $69.88.

In the past 52 weeks, Eastman Chemical share prices have been bracketed by a low of $56.03 and a high of $84.07 and are now at $83.58, 49% above that low price. The 200-day and 50-day moving averages have moved 0.05% lower and 1.42% higher over the past week, respectively.

Eastman Chemical Company is an international chemical company which produces chemicals, fibers, and plastics. The Company's operations include coatings, adhesives, specialty polymers, and Inks, fibers, performance chemicals and intermediates, performance polymers, and specialty plastics.

SmarTrend is monitoring the recent change of momentum in Eastman Chemical. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Eastman Chemical in search of a potential trend change.

Keywords: bearish inside day candle Eastman Chemical

Ticker(s): EMN