ACB Stock Price: Aurora Cannabis Inc. corrects from tops, around $15.30

ACB managed to close above the $15.00 mark on Monday.
US futures markets point to a negative opening on Tuesday.

Pablo Piovano FXStreet

Aurora Cannabis Inc. (ACB) suddenly woke up and climbed to fresh multi-day highs above the $15.00 mark per share at the beginning of the week. Despite share prices are on the defensive in the pre-market activity, they are managing well to keep business above the $15.00 barrier.

Shares of the pot-company surged nearly 13% on Monday on the back of the broad-based risk-on mood, the positive performance of the cannabis-complex in general and “bargain hunters”.

Looking at the benchmark indices, both the Dow Jones and the S&P500 are expected to open on the negative side of the trade, as market participants are looking for another catalyst to extend the recent rally coupled with some profit taking feeling and the pick-up in the risk aversion.

Aurora Cannabis Stock Price

At the moment, ACB is losing 3.76%% at $15.12 and faces initial support at $12.11 (low May 20) seconded by $10.61 (55-day SMA) and then $5.30 (monthly low May 13). On the flip side, $15.74 (monthly high Jun.8) would expose $16.89 (weekly high May 28) and finally $19.68 (monthly high May 18).

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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