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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 $98.92 and $99.86 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.

Potential upside of 13.7% exists for Eastman Chemical, based on a current level of $99.04 and analysts' average consensus price target of $112.60. The stock should find initial resistance at its 200-day moving average (MA) of $100.33 and further resistance at its 50-day MA of $102.25.

Eastman Chemical share prices have moved between a 52-week high of $112.45 and a 52-week low of $82.40 and closed yesterday at 20% above that low price at $99.04 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

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 its subscribers protect gains by selling shares of Eastman Chemical on June 20th, 2018 by issuing a Downtrend alert when the shares were trading at $103.38. Since that call, shares of Eastman Chemical have fallen 4.4%. 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