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

By Shiri Gupta

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 $73.00 and $74.28 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, and Inks, fibers, performance chemicals and intermediates, performance polymers, and specialty plastics.

Potential upside of 17.7% exists for Eastman Chemical, based on a current level of $73.88 and analysts' average consensus price target of $86.92. Eastman Chemical shares have support at the 50-day moving average (MA) of $72.62 and additional support at the 200-day MA of $69.88.

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 $73.88, 32% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

SmarTrend recommended that subscribers consider buying shares of Eastman Chemical on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $63.71. Since that recommendation, shares of Eastman Chemical have risen 14.2%. We continue to monitor EMN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Eastman Chemical

Ticker(s): EMN