Eastman Chemical Company Stock Forecast
Eastman Chemical Company stock price up 0.664% on Monday
(Updated on Apr 22, 2024)
The Eastman Chemical Company stock price gained 0.664% on the last trading day (Monday, 22nd Apr 2024), rising from $96.42 to $97.06. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.05% from a day low at $95.81 to a day high of $97.77. The price has fallen in 6 of the last 10 days and is down by -3.45% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 110 thousand more shares were traded than the day before. In total, 602 thousand shares were bought and sold for approximately $58.40 million.
The stock lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $96.65 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 23.49% during the next 3 months and, with a 90% probability hold a price between $119.35 and $131.21 at the end of this 3-month period.
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EMN Signals & Forecast
The Eastman Chemical Company stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $96.74 and $95.76. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -4.86%. 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 $1.96 (2.05%) between high and low. For the last week, the stock has had daily average volatility of 1.51%.
Our recommended stop-loss: $92.26 (-4.94%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (EMN) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Eastman Chemical Company to open at $96.88, and during the day (based on 14 day Average True Range), to move between $95.16 and $98.96, which gives a possible trading interval of +/-$1.90 (+/-1.95%) up or down from last closing price. If Eastman Chemical Company takes out the full calculated possible swing range there will be an estimated 3.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $98.32 (1.30%) than the support at $92.30 (4.90%), 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.
Earnings coming up
Eastman Chemical Company will release earnings AMC on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.49. We will update the financials statements for Eastman Chemical Company, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.46% in the first trading day after earnings release.
Is Eastman Chemical Company stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Eastman Chemical Company stock to perform well in the short-term.
Current score: 2.135 Buy Candidate Unchanged
Predicted Opening Price for Eastman Chemical Company of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $96.88 ( 0.185%) | $97.06 |
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 | 98.84 | 1.83 % | |
| R2 | 98.09 | 1.06 % | ||
| R1 | 97.63 | 0.586 % | ||
| Current price: | 97.06 | |||
| Support | S1 | 96.13 | -0.96 % | |
| S2 | 95.67 | -1.43 % | ||
| S3 | 94.92 | -2.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 100.22 | 3.26 % | |
| R2 | 99.26 | 2.27 % | ||
| R1 | 98.32 | 1.30 % | ||
| Current price | 97.06 | |||
| Support | S1 | 92.30 | -4.90% | |
| S2 | 91.21 | -6.03% | ||
| S3 | 82.60 | -14.90% |
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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