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

By Amy Schwartz

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. Today's price range of $66.04 and $66.93 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. 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, and Inks, fibers, performance chemicals and intermediates, performance polymers, and specialty plastics.

Eastman Chemical share prices have moved between a 52-week high of $83.90 and a 52-week low of $56.03 and are now trading 18% above that low price at $66.12 per share. The 200-day and 50-day moving averages have moved 0.05% lower and 1.42% higher over the past week, respectively.

Potential upside of 31.5% exists for Eastman Chemical, based on a current level of $66.12 and analysts' average consensus price target of $86.92. The stock should run into initial resistance at its 200-day moving average (MA) of $69.88 and subsequent resistance at its 50-day MA of $72.62.

SmarTrend recommended that its subscribers protect gains by selling shares of Eastman Chemical on June 9th, 2016 by issuing a Downtrend alert when the shares were trading at $72.11. Since that call, shares of Eastman Chemical have fallen 8.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Eastman Chemical

Ticker(s): EMN