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Possible Bullish Inside Day Candle Pattern Detected for Avery Dennison (NYSE:AVY)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Avery Dennison (NYSE:AVY) based on the price action in the company's shares. Yesterday's price range of $103.51 and $105.18 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Avery Dennison may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Avery Dennison Corporation produces pressure-sensitive materials and a variety of tickets, tags, labels, and other converted products. The Company's pressure sensitive products are used in labeling, decorating, and specialty applications. Avery Dennison's non-pressure sensitive products include tickets, tags, RFID inlays, and services for retailers, apparel manufacturers, and brand owners.

Avery Dennison has overhead space with shares priced $103.90, or 15.5% below the average consensus analyst price target of $123.00. The stock should find initial support at its 50-day moving average (MA) of $71.14 and further support at its 200-day MA of $64.03.

In the past 52 weeks, shares of Avery Dennison have traded between a low of $68.55 and a high of $123.67 and closed yesterday at $103.90, which is 52% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Avery Dennison on March 16th, 2018 by issuing a Downtrend alert when the shares were trading at $111.72. Since that call, shares of Avery Dennison have fallen 7.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle avery dennison

Ticker(s): AVY