Technical Earnings Preview: Acuity Brands breaking out, large short-base
The shares have recently crossed above the $180 area, a level that had previously held as resistance since September 2017. If earnings news and outlook are bullish, this breakout could extend further in price. Resistance levels to watch as potential upside objectives above the current price of $185.22 are at $188.10, the $190 area, $193.88, the $200 area, and $203.56. The 52-week high for the shares is at $225.36. If the news is instead a negative surprise, a move below $180 would break the recent uptrend off the low of December 2017 and put the stock back into the pre-existing range. Support levels to watch below $180 as potential downside objectives are at $177.23, $174.07, the $170 area, and $168.55. The 52-week low is at $153.28. There is a large percentage of the trading float short, as of the last available report, of 13.4%. This could add buy-to-cover demand on a positive surprise.