• Return to Headlines

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

By Nick Russo

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 $68.71 and $69.77 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, inks, fibers, performance chemicals and intermediates, performance polymers, and specialty plastics.

In the past 52 weeks, shares of Eastman Chemical have traded between a low of $61.22 and a high of $92.14 and closed yesterday at $69.35, which is 13% 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 declined 0.7%.

Eastman Chemical (NYSE:EMN) has potential upside of 62.4% based on a current price of $69.35 and analysts' consensus price target of $112.60. The stock should hit resistance at its 200-day moving average (MA) of $75.38, as well as support at its 50-day MA of $69.00.

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