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

By David Diaz

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 $71.13 and $72.01 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 develops, manufactures, and markets pressure-sensitive materials, office products and a variety of tickets, tags, labels and other converted products. The Company also manufacture a variety of office products and other converted products, as well as binders, organizing systems, markers, fasteners, and business forms, and other products.

In the past 52 weeks, shares of Avery Dennison have traded between a low of $53.56 and a high of $77.38 and closed yesterday at $72.00, which is 34% 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%.

Avery Dennison (NYSE:AVY) is currently priced 2.2% above its average consensus analyst price target of $70.40. 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.

SmarTrend recommended that subscribers consider buying shares of Avery Dennison on February 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.51. Since that recommendation, shares of Avery Dennison have risen 10.2%. We continue to monitor AVY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle avery dennison

Ticker(s): AVY