ACB Stock Price: Aurora Cannabis Inc. remains locked within a tight range

ACB gyrates around the 0.72 level in pre-market hours.
US markets show small gains ahead of the opening bell.

Pablo Piovano FXStreet

Aurora Cannabis Inc. (ACB) is inching higher at the end of the week, keeping business amidst a narrow range and looking to reverse the last couple of negative sessions.

Prices of the Canadian-based company are trading in line with futures of the S&P500 and the DowJones, mildly up during the pre-market activity, as investors await further positive corporate earnings results. In addition, investors have already digested recent poor results from Initial Claims, while concerns around the coronavirus fallout and its impact on the economy looks somewhat subsided. The sentiment is bolstered further by the (kind of) better mood in crude oil as of late.

Back to ACB, plans of the cannabis-company including a reduction of its balance sheet, increasing production capacity and implementing large layoffs continue to be practically ignored by markets.

Aurora Cannabis Stock Price

At the moment (pre-market), ACB is gaining 0.18% at 0.7192 and a surpass of 0.9296 (monthly high Apr.6) would expose 1.1135 (55-day SMA) and finally 1.13 (weekly high Mar.27). On the other hand, the next contention emerges 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.

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