ACB Stock Price: Aurora Cannabis Inc. keeps the 0.75 area pre-market
|- ACB trades slightly on the defensive near 0.75 in pre-market hours.
- US markets set to open with small gains on Wednesday ahead of FOMC.
Aurora Cannabis Inc. (ACB) is posed to start Wednesday’s session on the back footing around the 0.7500 region.
Prices of the pot-stock are expected to add to Tuesday’s pullback, although always immersed within the multi-week consolidative fashion below the critical $1.00 yardstick.
On the broader scenario, futures of the S&P500 and the DowJones have trimmed part of the earlier gains and are now up around 0.30% in the pre-market activity, while investors stay cautious ahead of the FOMC meeting later in the NA session.
In the same direction, ACB reversed three consecutive daily advances and retreated to the sub-0.72 area on Wednesday.
Sticking to ACB, plans of the cannabis-company including a reduction of its balance sheet, increasing production capacity and implementing large layoffs continue to be practically ignored by market participants. It is worth recalling than ACB shed around 60% since its opening price in January and its balance sheet is the most fragile of the sector (to put it mildly).
Aurora Cannabis Stock Price
At the moment (pre-market), ACB is losing 1.31% at 0.7476 and faces immediate support at 0.6550 (monthly low Apr.17) seconded by 0.60 (2020 low Mar.19) and then 0.34 (monthly low Aug.2016). On the upside, a surpass of 0.9296 (monthly high Apr.6) would expose 1.0226 (55-day SMA) and finally 1.13 (weekly high Mar.27).
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