Avery Dennison's Long-Running Uptrend Isn't Over

 | Jul 10, 2017 | 1:02 PM EDT
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Avery Dennison Corp. (AVY) has been in an uptrend since 2012 and the shorter-term trend from November 2016 is up. Prices have come a long way but we still have another upside price target.

In this daily bar chart of AVY, below, we can see how prices sold off sharply in late October and then gaped higher in early February making an interesting reversal. In that three-month period prices dropped below the 50-day and the 200-day moving averages but by late February there was a bullish golden cross as the 50-day average turned above the rising 200-day average.

AVY is still above both rising average lines. The daily On-Balance-Volume (OBV) line made a low in November and continued up to make a new higher recently and confirming the advance. In the lower panel is the momentum study, which is not giving us any early warning of a trend change.

In this weekly chart of AVY, below, we can see that prices are above the rising 40-week moving average line. The weekly OBV line has been rising the past three years and tells a very bullish story of accumulation. The weekly Moving Average Convergence Divergence (MACD) oscillator is in a bullish mode/configuration above the zero line.

In this Point and Figure chart of AVY, below, we can see the long uptrend from 2012. Prices are still pointed up with no distribution and a potential price target of $106.

Bottom line: AVY is pointed up and I would look for potential gains to $100 and then $106. Traders might consider raising sell stops to a close below $87 and investors a close below $82.

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