EMN breaks below 200-day moving average
Eastman Chemical (EMN) Technical Analysis Report for Aug 10, 2018
EMN finished the week -2.08% lower at 99.87 after tanking $1.87 (-1.84%) today. This is the biggest single day loss in over a month. Today's closing price of 99.87 marks the lowest close since July 23rd. Closing below Thursday's low at 101.15, the stock confirms its breakout through the prior session's low having traded $1.85 below it intraday.
Daily Candlestick Chart (EMN as at Aug 10, 2018):
Friday's trading range was $1.85 (1.83%), that's slightly above last trading month's daily average range of $1.66. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 98.71. Breaking below the key support level at 100.70 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The share broke below the 200-day moving average at 100.25 today for the first time since July 16th.
Trading close to June's low at 97.89 we might see further downside momentum if potential sell stops at the level get triggered.