AYI pushes through Thursday's high
Acuity Brands Inc (AYI) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
AYI ended the week -6.28% lower at 122.77 after gaining $3.33 (2.79%) today, strongly outperforming the S&P 500 (1.42%). Trading up to $1.45 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on September 20th, AYI gained 2.44% on the following trading day. Closing above Thursday's high at 122.53, Acuity Brands Inc confirmed its breakout through the prior session high after trading up to $0.59 above it intraday.
Daily Candlestick Chart (AYI as at Oct 12, 2018):
Friday's trading range has been $3.93 (3.26%), that's slightly below the last trading month's daily average range of $4.89. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for AYI.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 123.15 (R1). After having been unable to move lower than 119.22 in the previous session, the market found buyers again around the same price level today at 119.19.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Acuity Brands Inc. Out of 542 times, AYI closed higher 53.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.75% with an average market move of 0.94%.