Eastman Chemical Company Stock Forecast
Weaker technical forecast for Eastman Chemical Company as stock downgraded to Sell Candidate.
(Updated on May 01, 2024)
The Eastman Chemical Company stock price gained 0.339% on the last trading day (Wednesday, 1st May 2024), rising from $94.44 to $94.76. During the last trading day the stock fluctuated 2.08% from a day low at $94.53 to a day high of $96.50. The price has been going up and down for this period, and there has been a -1.26% loss for the last 2 weeks. Volume fell on the last day by -43 thousand shares and in total, 815 thousand shares were bought and sold for approximately $77.26 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $94.75 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 20.79% during the next 3 months and, with a 90% probability hold a price between $114.45 and $130.61 at the end of this 3-month period.
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EMN Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Eastman Chemical Company stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $95.91 and $97.08. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -7.12%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Eastman Chemical Company stock
Eastman Chemical Company finds support from accumulated volume at $92.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.97 (2.08%) between high and low. For the last week, the stock has had daily average volatility of 2.52%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EMN) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Eastman Chemical Company to open at $95.26, and during the day (based on 14 day Average True Range), to move between $92.69 and $96.83, which gives a possible trading interval of +/-$2.07 (+/-2.18%) up or down from last closing price. If Eastman Chemical Company takes out the full calculated possible swing range there will be an estimated 4.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $96.13 (1.45%) than the support at $92.30 (2.60%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Eastman Chemical Company stock A Buy?
The Eastman Chemical Company stock holds several negative signals and despite the positive trend, we believe Eastman Chemical Company will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.096 Sell Candidate Downgraded
Predicted Opening Price for Eastman Chemical Company of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $95.26 ( 0.529%) | $94.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EMN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 97.23 | 2.60 % | |
| R2 | 96.48 | 1.81 % | ||
| R1 | 96.01 | 1.32 % | ||
| Current price: | 94.76 | |||
| Support | S1 | 94.51 | -0.263 % | |
| S2 | 94.05 | -0.752 % | ||
| S3 | 93.30 | -1.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 99.26 | 4.75 % | |
| R2 | 98.32 | 3.76 % | ||
| R1 | 96.13 | 1.45 % | ||
| Current price | 94.76 | |||
| Support | S1 | 92.30 | -2.60% | |
| S2 | 91.21 | -3.75% | ||
| S3 | 82.60 | -12.83% |
EMN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 13, 2024 | Mar 14, 2024 | Apr 05, 2024 | $0.81 | 0.81% |
| 2 | Dec 06, 2023 | Dec 15, 2023 | Jan 05, 2024 | $0.81 | 0.91% |
| 3 | Aug 03, 2023 | Sep 14, 2023 | Oct 06, 2023 | $0.790 | 1.07% |
| 4 | May 04, 2023 | Jun 14, 2023 | Jul 07, 2023 | $0.790 | 0.93% |
| 5 | Feb 14, 2023 | Mar 14, 2023 | Apr 10, 2023 | $0.790 | 0.96% |
FAQ
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