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- 3/15/2024 -
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Eastman Chemical (EMN) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergenceTrend resistance at 92.08
Daily :Lane's Stochastic is overbought20 Day Moving Average has crossed above the 50 Day Moving Average
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It was a fifth positive week after 6 consecutive negative weeks for the Eastman Chemical (EMN). During the week, the EMN gained 2.48 points, or 2.76%, and closed at 92.30 on Friday, March 15, 2024. Weekly volume was 59% above average.

EMN is a member of Materials Sector. Materials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See EMN long-term trend chart]
A long-term downtrend had started on June 1, 2021 at 130.47 and reached 68.89 on October 25, 2023. EMN lost 61.58 points, or 47.20%, in 125 weeks. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 63.50 and resistance is at 126.15. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a long-term trend.

Medium-term trend: [See EMN medium-term trend chart]
A medium-term uptrend had started on February 2, 2024 at 80.71 and reached 93.24 on March 13, 2024. EMN gained -12.53 points, or -15.52%, in 5 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend resistance line (92.08). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See EMN weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. Weekly Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See EMN short-term trend chart]
A short-term uptrend had started on March 14, 2024 at 89.40 and reached 92.94 on March 15, 2024. EMN gained -3.54 points, or -3.96%, in 1 days. The price is now at the 18.08% retracement level.

Daily Technical Indicators: [See EMN daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic.

The daily MACD line is above its signal line since February 14, 2024. This is an indication that the short-term trend is up.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.02
Williams' Percentage Range (W%R) 23.30
Lane's Stochastic (%D-Slow) 86.55
Overbought
Greed/Fear Indicator (GFI) 78.09
Moving Average Converg./Diverg. (MACD) 1.33
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.62
Williams' Percentage Range (W%R) 9.10
Strong Overbought
Lane's Stochastic (%D-Slow) 61.11
Bearish
Greed/Fear Indicator (GFI) 68.82
Moving Average Converg./Diverg. (MACD) 1.21 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 93.74
Price 92.30
Daily Stochastic Crossing 92.30
Monthly Trendline Resistance 92.08
Weekly Stochastic Crossing 89.54
Parabolic System 89.49
Monthly Trendline Support 89.23
20 Day Moving Average 88.21
50 Day Moving Average 86.40
Lower Bollinger Band 83.64
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Diversified Chemicals 83
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 89.40
Low Date 03/14/2024
High 92.94
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 89.40
Low Date 03/14/2024
High 92.94
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Resistance
Resistance 92.08
Support 89.23
Low 80.71
Low Date 02/02/2024
High 93.24
High Date 03/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 68.89
Low Date 10/25/2023
High 93.24
High Date 03/13/2024
Description Value
Direction Down
Chart Pattern Broadening Right-Angled, Descending Wedge
Status Valid
Resistance 126.15
Support 63.50
High 130.47
High Date 06/01/2021
Low 68.89
Low Date 10/25/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.