Stock Chart Analysis AYI

Stock Chart Analysis AYI

Acuity Brands, Inc. (Public, NYSE:AYI)

AYI is another stock similar to the previous posts below, in that it has been consolidating a recent breakout. AYI is in an up trend, setting higher highs and higher lows. It has been pulling back on declining volume to converging support. These pullbacks are necessary to shake out the weak hands participating in the move. Once enough sellers have sold, demand outweighs supply and the rally resumes. We may be at that point here. There is converging support near 58, and most technical indicators are pulling back up from oversold status.


Good Trading,

Joey

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