Eastman Kodak Company KODK shares are trading higher Friday, possibly on continued momentum after the company was granted a U.S. patent for a low volume gravure inking system on Tuesday.
Eastman Kodak was up 1.65% at $7.38 last check Friday.
Eastman Kodak Daily Chart Analysis
- The stock looks to be trading in what technical traders call a pennant pattern that could see a breakout in the next couple months.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock has been bearish.
- Each of these moving averages may hold as an area of resistance.
- The price has been hanging around pattern support and has always seen a bounce off it in the past.
- The Relative Strength Index (RSI) might be making a turn and has been moving higher. The RSI was trading near the oversold area, but moved up to 42 meaning more buyers have been moving into the stock although the stock has more sellers.
What’s Next For Eastman Kodak?
Bullish traders are looking to see the stock form higher lows in the pattern. Eventually bulls would like to see the stock breakout of pattern resistance and make a strong move higher.
Bearish traders would like to see the stock fall and break below the pattern support. A strong bearish push may follow a break of pattern support.
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