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Volume Spike Detected in Shares of Eastman Chemical as They Move Lower on 1.6x Above-Average Volume (EMN)

Published on Thu, 02/21/2013 - 14:16
By Mallory Stone

Shares of Eastman Chemical are trading today in above average volume, with the share price falling 2.2% to $68.70. About 2.1 million shares have been traded today, as compared to the 30-day average volume of 1.3 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

There is potential upside of 19.0% for shares of Eastman Chemical based on a current price of $68.70 and an average consensus analyst price target of $81.79. The stock should find resistance at its 50-day moving average (MA) of $69.63, as well as support at its 200-day MA of $57.33.

In the past 52 weeks, Eastman Chemical share prices have been bracketed by a low of $41.54 and a high of $75.18 and are now at $68.70, 65% above that low price. The 200-day and 50-day moving averages have moved 0.31% higher and 0.65% higher over the past week, respectively.

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