ACB Stock Price: Aurora Cannabis Inc. looks for direction near 0.81

ACB extends the consolidative mood in the 0.80s.
US equities are expected to open on a positive note.

Pablo Piovano FXStreet

Aurora Cannabis Inc. (ACB) is posting mild gains in the pre-market hours so far, falling in line with the expected positive opening in Wall St. on Wednesday.

In fact, US equities are seen opening Wednesday’s session slightly into the positive territory amidst mixed headlines from the COVID-19 and its progress around the world.

In the meantime, ACB remains well immersed into the consolidative range since early March, managing to leap to the 1.13 area at some point during last week. The uptick, however, was short-lived, as the stock quickly returned to the 0.80 region afterwards.

The ongoing consolidation comes despite rumours of better-than-expected earnings results, as market participants remain well sceptical on ACB’s price action. Sustaining the rangebound pattern, the daily RSI is navigating the 40.0s region.

Aurora Cannabis Stock Price

At the moment (pre-market), the stock is gaining 0.74% at 0.81 facing the next hurdle at 1.13 (weekly high Mar.27) seconded by 1.34 (55-day SMA) and finally 1.79 (high Feb.20). On the downside, a breach of 0.78 (monthly low Apr.1) would expose 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.

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