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

By David Diaz

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. Yesterday's price range of $101.13 and $102.30 is within the prior day'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.

Eastman Chemical (NYSE:EMN) defies analysts with a current price ($101.23) 0.9% above its average consensus price target of $100.31. 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.

Eastman Chemical share prices have moved between a 52-week high of $102.51 and a 52-week low of $62.70 and closed yesterday at 61% above that low price at $101.23 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

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

SmarTrend recommended that subscribers consider buying shares of Eastman Chemical on June 1st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $81.26. Since that recommendation, shares of Eastman Chemical have risen 25.9%. We continue to monitor EMN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Eastman Chemical

Ticker(s): EMN