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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Eastman Chemical (NYSE:EMN) based on the price action in the company's shares. Yesterday's price range of $78.45 and $79.19 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. Traders and investors interested in shares of Eastman Chemical may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Eastman Chemical share prices have been bracketed by a low of $56.03 and a high of $83.90 and closed yesterday at $78.76, 41% above that low price. Over the past week, 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, and Inks, fibers, performance chemicals and intermediates, performance polymers, and specialty plastics.

There is potential upside of 10.4% for shares of Eastman Chemical based on a current price of $78.76 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.

SmarTrend is tracking the current trend status for Eastman Chemical and will alert subscribers who have EMN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Eastman Chemical

Ticker(s): EMN