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

By Nick Russo

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 $68.66 and $69.97 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.

There is potential upside of 0.9% for shares of Avery Dennison based on a current price of $69.79 and an average consensus analyst price target of $70.40. Avery Dennison shares should encounter resistance at the 50-day moving average (MA) of $71.14 and support at its 200-day MA of $64.03.

In the past 52 weeks, Avery Dennison share prices have been bracketed by a low of $53.56 and a high of $79.27 and closed yesterday at $69.79, 30% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.1%.

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.

SmarTrend is monitoring the recent change of momentum in Avery Dennison. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Avery Dennison in search of a potential trend change.

Keywords: bullish am inside day candle avery dennison

Ticker(s): AVY