ACB Stock Price: Aurora Cannabis Inc. looks apathetic around $14.00

ACB extends the consolidation around the $14.00mark.
US futures markets are set to open with strong gains post-Payrolls.

Pablo Piovano FXStreet

Aurora Cannabis Inc. (ACB) remains well within the rangebound theme around the $14.00 mark per share in the pre-market trading hours at the end of the week.

The pot-company is prolonging the consolidative mood so far this week, paying no attention at all to the prevailing risk-on sentiment in the global markets.

Following the failed attempt to surpass the $20.00 mark per share earlier in May, price action in the Canadian-based company sparked a correction lower which is now seem stabilized around the $14.00 neighbourhood. Further out, traders remain highly sceptical regarding the prospects of future gains in the Canadian-based company after it payed $40 million to acquire cannabidiol (CBD) maker Reliva LLC last week and the latest earnings report surpassed estimates.

On the broader scenario, both the DowJones and the S&P500 are sharply higher on Friday following the better-than-expected results from the labour market during May.

Aurora Cannabis Stock Price

At the moment, ACB is up 0.14% at $14.25 and a surpass of $16.89 (weekly high May 28) would expose $19.68 (monthly high May 18) and finally $21.48 (high Feb.20). On the downside, the initial support comes in at $12.11 (low May 20) seconded by $10.35 (55-day SMA) and then $5.30 (monthly low May 13).

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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