AYI ends the day indecisive
Acuity Brands Inc (AYI) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, AYI finished the week -3.11% lower at 126.94 after losing $0.41 (-0.32%) today, but still outperforming the S&P 500 (-0.92%). Trading up to $2.33 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (AYI as at Nov 09, 2018):
Friday's trading range has been $3.74 (2.96%), that's slightly below the last trading month's daily average range of $4.12. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for AYI.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Takuri Line which are both known as bullish patterns. The last time a Bullish Spinning Top showed up on October 23rd, AYI actually lost -3.84% on the following trading day.
After trading as low as 124.08 during the day, the market found support at the 20-day moving average at 125.11.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Its common bullish interpretation has been confirmed for Acuity Brands. Out of 50 times, AYI closed higher 60.00% 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 68.00% with an average market move of 1.83%.