- ACB points to a strong opening following Monday’s losses.
- Stocks expected to react positively after Fed’s easing.
Aurora Cannabis Inc. (ACB) is sharply higher ahead of the opening bell in Wall Street, moving in tandem with the generalized upbeat mood in the pre-markets on Tuesday. Indeed, futures of the S&P and the DowJones are gaining around 5% at the time of writing on Tuesday.
In fact, US stocks markets are seen adding to the broad-based positive trading session in the Old Continent and Asia, as market participants keep adjusting to the recently announced extra easing measures by the Federal Reserve (Monday).
In the meantime, ACB is expected to regain some poise after Monday’s sharp sell-off to the 0.63 region after failing to advance further north of the 0.81 mark, closer to Friday’s top at 0.84.
Further out, ACB remains submerged into the multi-session consolidative theme prevailing since earlier in the month amidst the unremitting bearish view surrounding the company and despite some encouraging news coming in from California, where dispensaries said sales have ramped up as of late amidst the coronavirus lockdown.
It is worth mentioning that the extreme “oversold” condition of ACB (as per the daily RSI) could spark some near-term rebound. However, this view should be taken with a pinch of salt and could well represent selling opportunities. Supporting the latter, the ADX indicator – which gauges the strength of a trend – is at around 40, signalling a strong (down) trend.
Aurora Cannabis Stock Price
At the moment (pre-market), the stock is gaining 9.87% at 0.75 and faces the next hurdle at 0.81 (high Mar.23) seconded by 0.84 (weekly high Mar.20) and then 1.06 (21-day SMA). On the downside, a breach of 0.60 (2020 low mar.19) would open the door to 0.34 (monthly low Aug.2016) and finally 0.32 (monthly low Jul.2016).
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