Eastman Chemical (NYSE:EMN) shares have crossed bearishly below their 10-day moving average of $77.67 on a volume of 242K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
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 13.2% exists for Eastman Chemical, based on a current level of $77.68 and analysts' average consensus price target of $87.96. Eastman Chemical shares have support at the 200-day moving average (MA) of $76.71 and additional support at the 50-day MA of $76.10.
Over the past year, Eastman Chemical has traded in a range of $67.13 to $90.40 and is now at $77.68, 16% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.