ACB Stock Price: Aurora Cannabis Inc. under heavy pressure near $5.80
|- ACB collapsed below the $6.00 mark on Wednesday.
- US futures markets down smalls in the pre-market hours.
Aurora Cannabis Inc. (ACB) deepened its leg lower on Wednesday, closing below the $6.00 mark and opening the door at the same time for the continuation of the bearish move.
In fact, the pot-company recorded the fourth consecutive session with losses on Wednesday, shedding nearly 27% since Monday’s opening and after the 12:1 reverse split.
Moving forward, investors will be closely watching the performance of the Canadian-based company on Thursday, when it will publish its fiscal-Q3 operating results (CA$ -0.06 per share exp.).
In the meantime, the negative stance around ACB remains well entrenched into the negative ground, as buyers remain absent and paying no attention (yet) to the company’s plan to reduce its balance sheet, increase production capacity and implement large layoffs, all part of a broad restructuring idea.
Further out, both the DowJones and the S&P500 are expected to open with marginal losses on Thursday, always amidst investors’ cautious stance regarding the re-opening of the economy and after President Trump’s positive comments on the strength of the dollar.
Aurora Cannabis Stock Price
At the moment, ACB is up 0.86% at 5.85 and a surpass of $9.60 (high Apr. 28) would expose 10.07 (55-day SMA) and finally 11.16 (monthly high Apr. 9). On the downside, the immediate support comes in at $5.60 (2020 low May 13) seconded by $4.07 (monthly low Aug.2016).
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