Avery Dennison Corp. (AVY) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

Avery Dennison Corp. (AVY) - Elliott Wave technical analysis

Daily chart analysis

Function: Counter-Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave 2 of (5).
Direction: Potential bottom in wave 2.
Details: As the stock has surpassed the equality of {c} vs {a}, it is now approaching it again with increasing volume. A potential bottom could be in place, particularly if the stock moves back above the key $200 level.

Avery Dennison Corp. (AVY) - Elliott Wave technical analysis

One-hour chart analysis

Function: Counter-Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave (iii) of {i}.
Direction: Upside expected in wave {i}.
Details: The potential for an upside resumption is strong, with expectations of a sharp advance in the coming days. A support test above Trading Level 2 at $200 would provide additional confidence in the uptrend.

Summary

The analysis of Avery Dennison Corp. (AVY) includes both daily and 1-hour charts, leveraging Elliott Wave Theory to provide insight into market trends and potential price movements. The daily chart suggests a possible bottom formation, while the 1-hour chart anticipates further upside, contingent upon holding above key support levels.

Avery Dennison Corp. (AVY) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.