Is Avery Trade Over?
Published on Wednesday, 22 August 2012 04:57 Written by TradersHuddle Wire
New York, August 22nd (TradersHuddle.com) - Shares of Avery Dennison Corporation (NYSE:AVY) ended the trading session higher by $0.05 or 0.14% from its previous close. Avery Dennison's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Avery Dennison Corporation (NYSE:AVY) develops, manufactures, and markets pressure-sensitive materials, office products and a variety of tickets, tags, and labels. 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.
Avery Dennison's current stock range is determined by calculated support defined at $27.79 and by the resistance level at $31.95, which should be used by traders planning their next move.
If traders want to establish a position in Avery , they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Avery for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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