The Greedy Trader Weekly Analysis
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Yearly Price vs. Fibonacci:Near 50.0% retracement level
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Stock market trading indicator and technical analysis stock screen presents technical stock market timing signals for technical investment analysis like screen stochastic or moving average trading system.. Screen includes following popular indicators and trading systems: Relative Strength Index (RSI), Williams' Percentage Range (W%R) and Lane's Stochastic (%D–Slow), moving average, macd convergence divergence, bullish and bearish divergence. For the best result different technical indicators should be analyzed in different time frames together with trend analysis, sector/industry ranking and stock timing alerts.

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- 5/10/2024 -
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Eastman Chemical (EMN) Technical Analysis

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Summary:
Weekly :Overbought sectorRelative Strength Index is overboughtWilliams' Percentage Range is strongly overbought
Daily :Williams' Percentage Range and Lane's Stochastic are strongly overboughtPrice has crossed below the 50 Day Moving AverageDaily  MACD line has moved above its signal line
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It was a second positive week after 4 consecutive negative weeks for the Eastman Chemical (EMN). During the week, the EMN gained 3.53 points, or 3.62%, and closed at 101.03 on Friday, May 10, 2024. It was the best weekly gain since March 28, 2024. Weekly volume was -8% below 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 61.33 and resistance is at 125.91. 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 October 25, 2023 at 68.89 and reached 102.71 on April 4, 2024. EMN gained -33.82 points, or -49.09%, in 23 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 93.38 and resistance is at 107.21. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.

Weekly Technical Indicators: [See EMN weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range. 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 Relative Strength Index 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 May 2, 2024 at 94.15 and reached 101.74 on May 10, 2024. EMN gained -7.59 points, or -8.06%, in 8 days. The price is now at the 9.35% retracement level.

Daily Technical Indicators: [See EMN daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range and Lane's Stochastic. Use the following link to access Lane's Stochastic help.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish 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) 65.40
Williams' Percentage Range (W%R) 6.20
Strong Overbought
Lane's Stochastic (%D-Slow) 91.85
Strong Overbought
Greed/Fear Indicator (GFI) 83.69
Overbought
Moving Average Converg./Diverg. (MACD) 0.68
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 82.60
Overbought
Williams' Percentage Range (W%R) 6.50
Strong Overbought
Lane's Stochastic (%D-Slow) 73.95
Greed/Fear Indicator (GFI) 78.06
Moving Average Converg./Diverg. (MACD) 3.42
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 107.21
Upper Bollinger Band 102.07
Daily Stochastic Crossing 101.15
Price 101.03
Weekly Stochastic Crossing 99.18
20 Day Moving Average 97.31
50 Day Moving Average 96.11
Parabolic System 95.34
Lower Bollinger Band 94.04
Quarterly Trendline Support 93.38
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Diversified Chemicals 119
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 94.15
Low Date 05/02/2024
High 101.74
High Date 05/10/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 94.15
Low Date 05/02/2024
High 101.74
High Date 05/10/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 80.71
Low Date 02/02/2024
High 102.71
High Date 04/04/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 107.21
Support 93.38
Low 68.89
Low Date 10/25/2023
High 102.71
High Date 04/04/2024
Description Value
Direction Down
Chart Pattern Broadening Right-Angled, Descending Wedge
Status Valid
Resistance 125.91
Support 61.33
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.