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Integrated Oil & Gas Industry Stocks Technical Analysis - EMNArchive
- 4/19/2024 -
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Eastman Chemical (EMN) Technical Analysis
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| Summary:
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| | It was the negative week for the Eastman Chemical (EMN). During the week, the EMN dropped -1.56 points, or -1.59%, and closed at 96.42 on Friday, April 19, 2024. Weekly volume was -6% 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 62.16 and resistance is at 126.01. 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 89.90 and resistance is at 104.63. 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 Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. 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 link to access Lane's Stochastic 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. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.
 Short-term trend: [See EMN short-term trend chart]
A short-term downtrend had started on April 4, 2024 at 102.71 and reached 95.27 on April 18, 2024. EMN lost 7.44 points, or 7.24%, in 14 days. The price is now at the 15.46% retracement level.
 Daily Technical Indicators: [See EMN daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since April 9, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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