2023-10-24 13:30:06

Acuity Brands (AYI) Just Overtook the 50-Day Moving Average

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Nasdaq
By Zacks

Acuity Brands (AYI) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, AYI broke through the 50-day moving average, which suggests a short-term bullish trend.

One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.

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AYI has rallied 10.1% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests AYI could be on the verge of another move higher.

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