EASTMAN CHEMICAL CO. - Daily - Technical analysis published on 10/08/2019 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Court terme:
Strongly bearish
De fond:
Strongly bearish
Technical indicators
17%
50%
33%
My opinion
Bearish under 70.89 USD
My targets
68.45 USD (-0.28%)
64.83 USD (-5.55%)
My analysis
EASTMAN CHEMICAL CO. is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 70.89 USD. The next support located at 68.45 USD is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 64.83 USD. Below this support, sellers could then target 61.55 USD. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
In the very short term, the general bearish sentiment is confirmed by technical indicators. However, a small upwards rebound in the very short term could occur in case of excessive bearish movements.
FORCE
0
10
6.1
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The EASTMAN CHEMICAL CO. price is 68.64 USD. The price is lower by -2.51% since the last closing with the lowest point at 68.64 USD and the highest point at 69.84 USD. The deviation from the price is 0% for the low point and -1.72% for the high point.68.64
69.84
68.64
The Central Gaps scanner detects the formation of a bearish gap marking the strong presence of sellers ahead of buyers at the opening. This formed a quotation gap.
Opening Gap DOWN
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of EASTMAN CHEMICAL CO. indicates that the overall trend is strongly bearish. The signals given by moving averages are 82.14% bearish. This strong bearish trend is confirmed by the strong signals currently being given by short-term moving averages. An assessment of moving averages reveals several bearish signals that could impact this trend:
Bearish trend reversal : adaptative moving average 50
Type : Bearish
Timeframe : Daily
Bearish price crossover with adaptative moving average 20
Type : Bearish
Timeframe : Daily
Bearish price crossover with adaptative moving average 50
Type : Bearish
Timeframe : Daily
The probability of a further decline is low given the direction of the technical indicators.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : Daily
Pivot points : price is under support 3
Type : Neutral
Timeframe : Daily
RSI indicator is back under 50
Type : Bearish
Timeframe : Daily
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
Central Patterns, the market scanner focusing on chart patterns, resistances and supports found this result:
Support of channel is broken
Type : Bearish
Timeframe : Daily
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 61.55 | 64.83 | 68.45 | 68.64 | 70.89 | 74.29 | 78.21 |
| Change (%) | -10.33% | -5.55% | -0.28% | - | +3.28% | +8.23% | +13.94% |
| Change | -7.09 | -3.81 | -0.19 | - | +2.25 | +5.65 | +9.57 |
| Level | Major | Major | Intermediate | - | Intermediate | Major | Major |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 68.59 | 69.36 | 69.89 | 70.66 | 71.18 | 71.95 | 72.48 |
| Camarilla | 70.05 | 70.17 | 70.29 | 70.41 | 70.53 | 70.65 | 70.77 |
| Woodie | 68.47 | 69.30 | 69.76 | 70.59 | 71.06 | 71.89 | 72.35 |
| Fibonacci | 69.36 | 69.86 | 70.16 | 70.66 | 71.15 | 71.46 | 71.95 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 62.78 | 65.95 | 68.51 | 71.68 | 74.24 | 77.41 | 79.97 |
| Camarilla | 69.49 | 70.02 | 70.55 | 71.07 | 71.60 | 72.12 | 72.65 |
| Woodie | 62.47 | 65.80 | 68.20 | 71.53 | 73.94 | 77.26 | 79.67 |
| Fibonacci | 65.95 | 68.14 | 69.49 | 71.68 | 73.87 | 75.22 | 77.41 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 53.10 | 58.11 | 65.97 | 70.98 | 78.84 | 83.85 | 91.71 |
| Camarilla | 70.29 | 71.47 | 72.65 | 73.83 | 75.01 | 76.19 | 77.37 |
| Woodie | 54.53 | 58.82 | 67.40 | 71.69 | 80.26 | 84.56 | 93.13 |
| Fibonacci | 58.11 | 63.03 | 66.07 | 70.98 | 75.90 | 78.93 | 83.85 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 42.45 | |
| MACD (12,26,9): | 0.2600 | |
| Directional Movement: | -9.74 | |
| AROON (14): | -35.71 | |
| DEMA (21): | 71.50 | |
| Parabolic SAR (0,02-0,02-0,2): | 73.58 | |
| Elder Ray (13): | -1.79 | |
| Super Trend (3,10): | 68.37 | |
| Zig ZAG (10): | 68.64 | |
| VORTEX (21): | 0.9900 | |
| Stochastique (14,3,5): | 18.84 | |
| TEMA (21): | 71.46 | |
| Williams %R (14): | -100.00 | |
| Chande Momentum Oscillator (20): | -3.69 | |
| Repulse (5,40,3): | -2.7200 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | 0.2000 | |
| Courbe Coppock: | 5.85 |
| MA7: | 70.94 | |
| MA20: | 72.28 | |
| MA50: | 68.79 | |
| MA100: | 71.17 | |
| MAexp7: | 70.59 | |
| MAexp20: | 70.92 | |
| MAexp50: | 70.66 | |
| MAexp100: | 71.75 | |
| Price / MA7: | -3.24% | |
| Price / MA20: | -5.04% | |
| Price / MA50: | -0.22% | |
| Price / MA100: | -3.55% | |
| Price / MAexp7: | -2.76% | |
| Price / MAexp20: | -3.21% | |
| Price / MAexp50: | -2.86% | |
| Price / MAexp100: | -4.33% |
News
Don"t forget to follow the news on EASTMAN CHEMICAL CO.. At the time of publication of this analysis, the latest news was as follows:
- Eastman Schedules Third-Quarter 2019 Financial Results News Release and SEC Form 8-K Filing, Teleconference and Webcast
- Eastman Kodak Adopts Tax Asset Protection Plan; Files Certificate of Amendment With Respect to Charter Amendment Designed to Protect Tax Assets
- Kodak Reports Second-Quarter Revenue of $307 Million and Continued Growth in Key Product Lines
- Eastman Publishes 2019 Sustainability Report: Innovating. Accelerating. Enhancing.
- Eastman Board Declares Dividend
This member declared not having a position on this financial instrument or a related financial instrument.
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