• Return to Headlines

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

By Nick Russo

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 $146.87 and $149.08 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.

Acuity Brands, Inc. designs, produces, and distributes a full range of indoor and outdoor lighting and control systems for commercial and institutional, industrial, infrastructure, and residential applications. The Company manufactures lighting products primarily in North America, Europe, and Asia.

There is potential upside of 23.8% for shares of Acuity Brands based on a current price of $147.04 and an average consensus analyst price target of $182.10. Acuity Brands shares should first meet resistance at the 200-day moving average (MA) of $212.19 and find additional resistance at the 50-day MA of $232.44.

In the past 52 weeks, shares of Acuity Brands have traded between a low of $141.68 and a high of $280.89 and closed yesterday at $147.04, which is 4% above that low price. 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%.

SmarTrend recommended that its subscribers protect gains by selling shares of Acuity Brands on January 31st, 2018 by issuing a Downtrend alert when the shares were trading at $156.56. Since that call, shares of Acuity Brands have fallen 6.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle acuity brands

Ticker(s): AYI