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Eastman Chemical (EMN) Approaches New Upside Target of $71.94

Published on Mon, 06/17/2013 - 10:10
By Robert Cotter

Eastman Chemical (NYSE:EMN) has opened bullishly above the pivot of $71.17 today and has reached the first level of resistance at $71.48. Should the shares continue to rise, the resistance pivots of $71.94 and $72.71 will be of interest.

Eastman Chemical (NYSE:EMN) has potential upside of 11.5% based on a current price of $72.26 and analysts' consensus price target of $80.54. The stock should discover initial support at its 50-day moving average (MA) of $69.52 and subsequent support at its 200-day MA of $65.46.

Over the past year, Eastman Chemical has traded in a range of $45.43 to $75.18 and is now at $72.26, 59% above that low. 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 Robert Cotter