Avery Dennison Corp

AVY remains entrenched in a Stage 4 decline with a long-term downtrend intact. Medium-term structure is bearish, marked by sequential lower highs and lower lows, and moving averages acting as overhead resistance. The recent rally has pushed price above the 9/21 EMAs and 50 SMA, but short-term extension without clear rejection warrants patience. Defer bearish execution until price rejects the EMA/SMA resistance zone.

• ↑Q1 revenue rose 7% YoY to $1.67B; adjusted EPS $2.47.
• ↑Adjusted EBITDA margin held at 16.4% despite inflationary pressures.
• ↓Apparel volumes fell low-to-mid single digits amid muted consumer demand.