EMN breaks below 200-day moving average


Eastman Chemical (EMN) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
EMN tanks -1.84% closing $1.87 lower
EMN breaks key support level
EMN breaks below 200-day moving average
EMN breaks below previous session low
EMN falls to lowest close since July 23rd
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

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 chart for EMN
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Trading close to June's low at 97.89 we might see further downside momentum if potential sell stops at the level get triggered.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Eastman Chemical
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Low close to previous low TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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