ACB Stock Price: Aurora Cannabis Inc. leaps to 1.11 pre-market

ACB extends the rally well above the 1.00 mark on Friday.
Futures of the US stock markets are expected to open on the defensive.

Pablo Piovano FXStreet

Aurora Cannabis Inc. (ACB) is pointing to a (very) positive open on Friday, as it is navigating the 1.06 region in the pre-market hours.

The stock closed with gains for the third session in a row on Thursday, extending the weekly recovery to the 1.00 neighbourhood although giving away part of those gains afterwards to close at 0.91.

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.

The recovery in US equities clinched the third consecutive session with gains on Thursday, always on the back of the improved mood in the riskier assets in response to the Fed’s (now) looser monetary conditions and the recently announced 2$ trillion coronavirus aid pack. On the latter, the House of Representatives is expected to vote on the bill later on Friday.

In the meantime, ACB has managed to leave the extreme “oversold” condition and is now flirting with the 21-day SMA, today at 0.96.

Aurora Cannabis Stock Price

At the moment (pre-market), the stock is gaining 22.65% at 1.11 and faces the next up barrier at 1.49 (55-day SMA) seconded by 1.79 (high Feb.20) and then 2.00 (100-day SMA). On the flips side, 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).

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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