ACB Stock Price: Aurora Cannabis Inc. flirts with 0.6900 in pre-market
- ACB navigates a tight range below the 0.7000 mark.
- US futures markets add to Thursday’s gains on risk-on mood.
Aurora Cannabis Inc. (ACB) is relentlessly prolonging the decline to levels below the 0.7000 barrier at the end of the week, always within the broader rangebound theme prevailing since April.
In fact, the inconclusive price action around the pot-stock reflects the utter lack of interest from investors despite the company’s plans to shrink its balance sheet, increase production capacity and implement large layoffs as well as its planned reverse stock split. It is worth noting that the Canadian company will publish its earnings report on May 14 (-$0.04 per share expected, +50% from a year earlier).
It is worth recalling that the Canadian company has already shed around 70% so far this year and faces increasing risks of being delisted from the New York Stock Exchange (NYSE) as long as it continues to trade below the $1.00 mark.
On the broader scenario, both the DowJones and the S&P500 are up markedly during the pre-market activity after the US economy reported a loss of 20.5 million jobs during April, while the jobless rate ticked higher to post-war record at 14.7%.
Aurora Cannabis Stock Price
At the moment (pre-market), ACB is gaining 0.19% at 0.6950 and a surpass of 0.9141 (55-day SMA) would expose 0.9296 (monthly high Apr.6) and finally 1.13 (weekly high Mar.27). On the downside, the next support is located at 0.6550 (monthly low Apr.17) seconded by 0.60 (2020 low Mar.19) and then 0.34 (monthly low Aug.2016).
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.
