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Watch for Continued Gains in Shares of Eastman Chemical (EMN)

By Nick Russo

Shares of Eastman Chemical (NYSE:EMN) traded at a new 52-week high today of $87.54. This new high was reached on below average trading volume as 128,000 shares traded hands, while the average 30-day volume is approximately 1.2 million shares.

Over the past year, Eastman Chemical has traded in a range of $62.70 to $87.54 and is now at $87.29, 39% above that low. The 200-day and 50-day moving averages have moved 0.05% lower and 1.42% higher over the past week, respectively.

Eastman Chemical has overhead space with shares priced $87.29, or 2.1% below the average consensus analyst price target of $89.14. The stock should discover initial support at its 50-day moving average (MA) of $72.62 and subsequent support at its 200-day MA of $69.88.

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 subscribers consider buying shares of Eastman Chemical on June 1st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $81.26. Since that recommendation, shares of Eastman Chemical have risen 7.5%. We continue to monitor EMN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows Eastman Chemical

Ticker(s): EMN