ACB Stock Price: Aurora Cannabis Inc. clings to gains around $15.00

ACB reverses Tuesday’s losses and returns to the $15.00 area.
US futures markets are set to open with small gains on Wednesday.

Pablo Piovano FXStreet

Sellers stepped in on Tuesday and dragged shares of Aurora Cannabis Inc. (ACB) back to the sub-$15.00 area, shedding nearly 6% for the day. However, the resumption of the risk-on tone coupled with some cautiousness among traders are currently propping up the small uptick in the pot-company to the $15.00 neighbourhood ahead of the opening bell in Wall St. on Wednesday.

It is worth mentioning that the Canadian-based company rose around 13% at the beginning of the week amidst a generalized better performance in the cannabis sector, risk appetite trends and “bargain hunters”.

On the broader scenario, both the Dow Jones and the S&P500 are seen opening slightly into the positive territory on Wednesday as market participants remain vigilant ahead of the FOMC meeting, Powell’s presser and the updated “dots plot”. Following suit, the tech benchmark NASDAQ advances further into all-time highs during the pre-market activity.

Aurora Cannabis Stock Price

At the moment, ACB is gaining 2.29% at $15.17 and a surpass of $15.74 (monthly high Jun.8) would expose $16.89 (weekly high May 28) and finally $19.68 (monthly high May 18). On the other hand, initial support aligns at $12.11 (low May 20) seconded by $10.72 (55-day SMA) and then $5.30 (monthly low May 13).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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