ACB Stock Price: Aurora Cannabis Inc. set sails to $20.00

ACB pushes higher and approaches $20.00 on Tuesday.
US futures markets expected to open on a flat note.

Pablo Piovano FXStreet

The buying interest around Aurora Cannabis Inc. (ACB) looks everything but abated on Tuesday, as the Canadian-based company is up nearly 10% well above the $18.00 mark in the pre-market trading hours.

Shares of the pot-company have nearly trebled from last Thursday’s lows in the $5.30 region (following the reverse stock split on May 11) to Monday’s tops just below the $20.00 yardstick. The massive uptick in the stock came after ACB’s Q3-earnings report surpassed estimates late on Thursday May 14.

According to the latest earnings report, the net revenue rose 18% vs. the previous quarter and consumer cannabis net revenue jumped 24% (both prints excluding provisions).

On the broader scenario, both the DowJones and the S&P500 are expected to open around Monday’s closing levels, always amidst the continuation of the risk-on sentiment in the global markets.

Aurora Cannabis Stock Price

At the moment, ACB is gaining 9.01% at $18.64 and a break above $19.68 (monthly high May 18) would expose $21.48 (high Feb.20) and finally $26.40 (monthly high Feb.4). On the flip side, the next support emerges at $5.30 (monthly low May 13) seconded by $4.07 (monthly low Aug.2016) and then $3.80 (monthly low Jul2016).

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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