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Eastman Chemical (EMN) Crosses Pivot Point Support at $69.78

Published on Tue, 01/08/2013 - 13:39
By Peter Chu

Shares of Eastman Chemical (NYSE:EMN) have bearishly opened below the pivot of $70.10 today and have reached the first support level of $69.78. Investors may be interested in a cross of the next downside pivot targets of $69.42 and $68.74.

Eastman Chemical share prices have moved between a 52-week high of $70.43 and a 52-week low of $41.22 and are now trading 69% above that low price at $69.73 per share. The 200-day and 50-day moving averages have moved 0.50% higher and 1.28% higher over the past week, respectively.

Potential upside of 4.9% exists for Eastman Chemical, based on a current level of $69.73 and analysts' average consensus price target of $73.14. The stock should find initial support at its 50-day moving average (MA) of $61.55 and further support at its 200-day MA of $54.40.

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 Peter Chu
pchu@fnno.com