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Eastman Chemical Bearish Moving Average Crossover Alert (EMN)

Published on Thu, 03/21/2013 - 11:12
By Mallory Stone

Today, shares of Eastman Chemical (NYSE:EMN) have crossed bearishly below their 10-day moving average of $72.66 on a volume of 798K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

Potential upside of 15.4% exists for Eastman Chemical, based on a current level of $71.03 and analysts' average consensus price target of $82.00. The stock should hit resistance at its 50-day moving average (MA) of $71.73, as well as support at its 200-day MA of $59.66.

Eastman Chemical share prices have moved between a 52-week high of $75.18 and a 52-week low of $41.54 and are now trading 71% above that low price at $71.03 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.3%.

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.

By Mallory Stone
mstone@fnno.com