ACB Stock Price: Aurora Cannabis Inc. remains on the defensive below $16.00

ACB is extending the weekly downside and drops to sub-$16.00 levels.
US markets opened Thursday’s session with moderate gains.

Pablo Piovano FXStreet

Aurora Cannabis Inc. (ACB) is down for the third consecutive session on Wednesday, slipping back below the $16.00 mark per share and flirting at the same time with he 100-day SMA in the $14.80 region.

The Canadian-based company stays trapped into the negative territory so far this week despite the generalized upbeat mood in the US markets and the broader risk appetite trends.

Shares of the pot-company appear to have met a tough barrier at the $20.00 mark so far although some sort of a consolidative theme looks to be forming in the upper end of the recent range.

On the broader scenario, the upside pressure in the DowJones and the S&P500 is everything but abated, with both indices posting moderate gains and always against the backdrop of the continuation of the better mood in the risk complex.

Aurora Cannabis Stock Price

At the moment, ACB is retreating 0.26% at $15.57 and faces the initial support at $9.81 (55-day SMA) seconded by $5.30 (monthly low May 13) and then $4.07 (monthly low Aug.2016). On the upside, a surpass of $19.68 (monthly high May 18) would expose $21.48 (high Feb.20) and finally $26.40 (monthly high Feb.4).

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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