Avery Dennison (AVY) 11/20/09 PriceWatch Alert Shows Bullish Technicals
Posted: Friday, November 20, 2009 8:33 AM EDT
By: Market Intelligence Center Staff
Avery Dennison (NYSE: AVY) closed yesterday at $38.40. 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 37.68 and resistance in the 39.68 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 $33.50 area. That is also the break even stock price for this trade. This covered call has a 148 day duration, provides 12.76% downside protection and a 4.48% assigned return rate for an 11.04% annualized return rate (comparison purposes only). Avery Dennison has a current annual dividend yield of 2.00%. [FBB-Seven Summits Research]
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