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Possible Bullish Inside Day Candle Pattern Detected for Acuity Brands (NYSE:AYI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Acuity Brands (NYSE:AYI) based on the price action in the company's shares. Yesterday's price range of $262.32 and $267.34 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Acuity Brands may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Acuity Brands has traded in a range of $168.08 to $270.98 and closed yesterday at $265.28, 58% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 0.5%.

Acuity Brands (NYSE:AYI) is currently priced 10.1% above its average consensus analyst price target of $238.44. The stock should discover initial support at its 50-day moving average (MA) of $232.44 and subsequent support at its 200-day MA of $212.19.

Acuity Brands, Inc. manufactures and sells lighting equipment and chemicals. The Company provides indoor and outdoor lighting equipment for commercial, industrial, outdoor, and residential applications. Acuity also provides a range of chemical products, including industrial and institutional maintenance and sanitation products, pest control products, and lawn and garden products.

SmarTrend is monitoring the recent change of momentum in Acuity Brands. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Acuity Brands in search of a potential trend change.

Keywords: bullish am inside day candle acuity brands

Ticker(s): AYI