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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 $74.47 and $75.01 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.

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.

In the past 52 weeks, shares of Eastman Chemical have traded between a low of $67.40 and a high of $110.17 and closed yesterday at $74.90, which is 11% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.6%.

Eastman Chemical has overhead space with shares priced $74.90, or 33.5% below the average consensus analyst price target of $112.60. The stock should find initial resistance at its 50-day moving average (MA) of $80.44 and further resistance at its 200-day MA of $87.81.

SmarTrend recommended that its subscribers protect gains by selling shares of Eastman Chemical on March 7th, 2019 by issuing a Downtrend alert when the shares were trading at $80.52. Since that call, shares of Eastman Chemical have fallen 7.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Eastman Chemical

Ticker(s): EMN