Avery Dennison (AVY) PriceWatch Alert for November 30, 2009

Posted: Monday, November 30, 2009 8:25 AM EDT

Avery Dennison (NYSE: AVY) ended the last trading session at $37.69. So far the stock has hit a 52-week low of $17.02 and 52-week high of $40.14. Avery Dennison stock has been showing support around 37.12 and resistance in the 38.72 range. Technical indicators for the stock are Bullish and S&P gives AVY a neutral 3 STAR (out of 5) hold rating. AVY appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at an Apr '10 35 covered call (AVY DG) for a net debit in the $33.39 area. That is also the break even stock price for this trade. This covered call has a 138 day duration, provides 11.41% downside protection and a 4.82% assigned return rate for a 12.75% annualized return rate (comparison purposes only). Avery Dennison has a current annual dividend yield of 2.08%. [ABR-Seven Summits Research]

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