NEW DIRECTIONAL CALL PLAYS
Eastman Chemical Co. - EMN - close: 73.97 change: +0.97
Stop Loss: 73.49
Current Option Gain/Loss: Unopened
Time Frame: exit PRIOR to earnings on July 29th
New Positions: Yes, see below
Why We Like It:
Shares of EMN have been consolidating sideways for the last four and a half months. The rally this month has pushed shares back toward major resistance in the $74-75 zone. A breakout past $75.00 would be a new all-time high.
I am suggesting a trigger to buy calls at $75.25. If triggered our target is $79.75. However, we will plan on exiting positions prior to the earnings report on July 29th.
FYI: The Point & Figure chart for EMN is bullish with a $91 target.
- Suggested Positions -
Buy the Aug $75 call (EMN1317H75) current ask $2.15
Entry on July -- at $---.--
Average Daily Volume = 1.3 million
Listed on July 11, 2013