Quantcast
Acuity Brands, Inc. (NYSE: AYI) | The Mesh Report

Acuity Brands, Inc. (NYSE: AYI)

Christian Tharp, CMT June 12, 2017 Comments Off on Acuity Brands, Inc. (NYSE: AYI)

Acuity Brands, Inc. designs, produces, and distributes various lighting solutions and services for commercial, institutional, industrial, infrastructure, and residential applications in North America and internationally.

Take a look at the 1-year chart of Acuity (NYSE: AYI) below with my added notations:

1-year chart of Acuity (NYSE: AYI)

Since peaking last August, AYI seems to have formed a clear, trend line of resistance (red). Any (2) points can start a trend line, but it’s the 3rd test and beyond that confirm its importance. The AYI trendline of resistance currently sits right around $183. A break above that line should mean higher prices, overall, for the stock.

ATTENTION SUBSCRIBERS!

Join our new Linkedin Group by clicking the link below:

Stock Trading & Investing for Everyone

The Tale of the Tape: AYI is approaching a down trending resistance. A break above that resistance should mean higher prices for the stock, thus a long trade could be made.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!

Christian Tharp, CMT

Follow me on Twitter: @cmtstockcoach



Comments are closed.