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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 $66.99 and $67.90 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.

Over the past year, Eastman Chemical has traded in a range of $61.22 to $86.18 and closed yesterday at $65.81, 7% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 0.2%.

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.

Potential upside of 71.1% exists for Eastman Chemical, based on a current level of $65.81 and analysts' average consensus price target of $112.60. The stock should find initial resistance at its 200-day moving average (MA) of $73.82 and further resistance at its 50-day MA of $74.95.

SmarTrend is tracking the current trend status for Eastman Chemical and will alert subscribers who have EMN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Eastman Chemical

Ticker(s): EMN