AVY seems forming a potential H&S formation. It seems it has broken its neckline and showing strong downward momentum. There are some inside selling as well. We think it has good downside potential.
AVY is approaching our first resistance at 99.97 (horizontal overlap resistance, 38.2%, 50% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 91.37 (50% Fibonacci retracement).
Stochastic (34,5,3) is also approaching our resistance and we might see a corresponding drop in price.
An intraday high potential, Back Tested Sort Analysis.
We ll try to enter into the correction of the uptrend movement.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
AVY forming a potential flag formation. Moneyflow is deep on the negative side. Break below 68 will be confirmation of the flag breakout.
You can check our detailed analysis on AVY in the trading room/ Executive summary link here-
www.youtube.com
Time Span: 6:50"
Trade Status: Pending
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Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company's segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM). The Company's LGM segment manufactures and sells Fasson-, JAC-, and Avery Dennison-brand pressure-sensitive label and packaging materials, Avery Dennison- and Mactac-brand graphics, and Avery Dennison-brand reflective products. The Company's RBIS segment designs, manufactures and sells a range of branding and information solutions to retailers, brand owners, apparel manufacturers, distributors and industrial customers on a global basis. The Company's IHM segment manufactures and sells Fasson-brand and Avery Dennison-brand tapes and fasteners, Vancive-brand medical pressure-sensitive adhesive (PSA) based materials and products, and performance polymers.
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AVY
