ACB Stock Price: Aurora Cannabis Inc. expected to open in red near $16.00


  • ACB is set to fade Thursday’s gains and return to $16.00.
  • US markets trade flat ahead of the opening bell on Friday.

Aurora Cannabis Inc. (ACB) is down around 10% during the pre-market trading hours at the end of the week, leaving behind part of Thursday’s gains to the area above the $17.00 mark.

The Canadian-based company closed with small gains on Thursday, although it was enough to reverse two consecutive daily pullbacks after a failed attempt to surpass the key barrier at the $20.00 yardstick.

Shares of the pot-company appear to have met a tough barrier at the $20.00 mark so far although some sort of a consolidative theme looks to be forming in the upper end of the recent range.

It is worth recalling that the Q3-earnings report showed the company’s net revenue rose 18% vs. the previous quarter and consumer cannabis net revenue jumped 24% (both prints excluding provisions)

Looking at the broader picture, both the DowJones and the S&P500 are navigating the area of Thursday’s close ahead of the opening bell in Wall St. on Friday. In the meantime, the gradual re-opening of the economy, US-China trade concerns and the development of a potential vaccine to the coronavirus continue to drive the sentiment among investors.

 

Aurora Cannabis Stock Price

At the moment, ACB is retreating 8.74% at $15.78 and faces the initial support at $9.70 (55-day SMA) seconded by $5.30 (monthly low May 13) and then $4.07 (monthly low Aug.2016). On the upside, a surpass of $19.68 (monthly high May 18) would expose $21.48 (high Feb.20) and finally $26.40 (monthly high Feb.4).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

AUD/USD: Upside momentum again fizzles around 11-week top, still above 0.6600

Having marked yet another failure to stay strong beyond 0.6650, AUD/USD remains depressed around 0.6640/35 at the start of Friday’s Asian session.Risk-tone remains positive as equities cheer hopes of further stimulus, economic restart.

AUD/USD News

USD/JPY drops twoard 107.50 on fresh USD selloff

The USD/JPY pair moved sideways around 107.80 for the majority of the day but lost its traction during the American session. As of writing, the pair was down 0.1% on the day at 107.58.

USD/JPY News

Goldman Sachs puts Bitcoin on par with Gold

One of the world's largest investment banks, Goldman Sachs, announced a conference for its clients entitled “Implications of Current Inflation, Gold and Bitcoin Policies”

Read more

Gold: Limited gains below the $1730/oz level for XAU/USD

After bouncing from the 1690/1700 price zone XAU/USD is stalling below the 1730 resistance and the 50 SMA on the four chart. The picture is mixed as it seems the metal is challenging a tough resistance near the 1730 level.

Gold News

WTI oil prices rally on gasoline demand and hopes of output cuts’ extension

WTI crude oil prices have appreciated more than 5% on Thursday to reach $34 and approach two-month highs. Investors' optimism about an increase of gasoline demand and speculation of an OPEC+ deal to extend output cuts are driving crude prices higher.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures