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Advanced TA SearchArchive
- 5/17/2024 -
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Eastman Chemical (EMN) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Eastman Chemical (EMN). During the week, the EMN gave back -0.65 points, or -0.64%, and closed at 100.38 on Friday, May 17, 2024. Weekly volume was -35% 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 61.05 and resistance is at 125.88. 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 93.37 and resistance is at 108.10. 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 101.97 on May 13, 2024. EMN gained -7.82 points, or -8.31%, in 11 days. The price is now at the 20.33% retracement level.
 Daily Technical Indicators: [See EMN daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Use the following link to access Lane's Stochastic help.
The daily MACD line is above its signal line since May 6, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
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