Eastman Chemical (EMN-N) declined from US$129.47 in January 2022 to US$69.91 in September (A-B) below a falling trendline (dotted line) and below the falling 40-week Moving Average (40wMA). The stock then settled in a large horizontal trading range mostly between US$70 and US$93 (dashed lines). The recent rise above the top of this range signaled a breakout (C). Eastman has since settled within a secondary range mostly between $93 and $105; sustained rise above $105 would signal the continuation of the uptrend.
Behaviour indicators including the rising 40wMA confirm the bullish status. There is good support near US$93-94; only a sustained decline below this level would be negative.
A rise above $105 would signal Point & Figure targets of US$110 and US$120. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com