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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 $75.81 and $78.57 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, shares of Eastman Chemical have traded between a low of $75.39 and a high of $112.45 and closed yesterday at $77.67, which is 3% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.7% while the 200-day MA has slid 0.4%.

Eastman Chemical has overhead space with shares priced $77.67, or 31.0% below the average consensus analyst price target of $112.60. Eastman Chemical shares should first meet resistance at the 50-day moving average (MA) of $93.25 and find additional resistance at the 200-day MA of $100.62.

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 26.9%. 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