Eastman Chemical Company Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Eastman Chemical Company stock downgraded from Buy Candidate to Sell Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The Eastman Chemical Company stock price fell by -0.239% on the last day (Thursday, 25th Apr 2024) from $96.36 to $96.13. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.48% from a day low at $94.85 to a day high of $96.25. The price has fallen in 7 of the last 10 days and is down by -3.89% for this period. Volume has increased on the last day by 636 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $155.52 million.
Given the current short-term trend, the stock is expected to rise 22.96% during the next 3 months and, with a 90% probability hold a price between $118.20 and $131.80 at the end of this 3-month period.
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EMN Signals & Forecast
There are few to no technical positive signals at the moment. 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 $96.39 and $96.52. 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 -5.77%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
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 $1.40 (1.48%) between high and low. For the last week, the stock has had daily average volatility of 1.29%.
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 Friday 26th
For the upcoming trading day on Friday, 26th we expect Eastman Chemical Company to open at $95.74, and during the day (based on 14 day Average True Range), to move between $94.38 and $97.88, which gives a possible trading interval of +/-$1.75 (+/-1.82%) up or down from last closing price. If Eastman Chemical Company takes out the full calculated possible swing range there will be an estimated 3.65% 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 (2.28%) than the support at $92.30 (3.98%), 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 Buy to a Sell candidate.
Current score: -3.969 Sell Candidate Downgraded
Predicted Opening Price for Eastman Chemical Company of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $95.74 ( 0.402%) | $96.13 |
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 | 97.14 | 1.05 % | |
| R2 | 96.61 | 0.498 % | ||
| R1 | 96.28 | 0.154 % | ||
| Current price: | 96.13 | |||
| Support | S1 | 95.21 | -0.96 % | |
| S2 | 94.88 | -1.30 % | ||
| S3 | 94.34 | -1.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 100.22 | 4.25 % | |
| R2 | 99.26 | 3.26 % | ||
| R1 | 98.32 | 2.28 % | ||
| Current price | 96.13 | |||
| Support | S1 | 92.30 | -3.98% | |
| S2 | 91.21 | -5.12% | ||
| S3 | 82.60 | -14.07% |
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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