ACB Stock Price: Aurora Cannabis Inc. drops below 1.00 pre-market

ACB corrects lower following last week’s strong rebound.
US futures point to a positive open on Monday.

Pablo Piovano FXStreet

Aurora Cannabis Inc. (ACB) is expected to open on the defensive at the beginning of the week following last week’s moderate rebound. It is worth recalling that ACB closed with gains in the last four sessions, managing to climb as high as 1.13 on Friday, or 3-week tops.

However, profit taking sentiment and month-end flows could force ACB to shed some ground on Monday amidst some recovery both the S&P and the DowJones after Friday’s pullback.

Friday’s positive performance in the pre-market activity comes in contrast with the negative open expected in both the DowJones and the S&P500, which are now losing more than 3% ahead of the opening bell in Wall St.

In the meantime, US markets keep tracking the developments from the COVID-19 and the hard impact on the US economy, while President Trump announced the lockdown in New York and other states are now expected to run until April 30^th.

Further out, ACB has managed to leave the extreme “oversold” condition seen in past sessions and is now trading in the area above the 21-day SMA, today at 0.94.

Aurora Cannabis Stock Price

At the moment (pre-market), the stock is losing 3.88% at 0.99 and 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). On the upside, the next up barrier emerges at 1.13 (weekly high Mar.27) seconded by 1.79 (high Feb.20) and then 1.97 (100-day SMA).

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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