ACB Stock Price: Aurora Cannabis Inc. stays side-lined pre-market

ACB trades around Thursday’s close at 0.83 pre-market.
Wall St. expected to open slightly in the red on Friday.

Pablo Piovano FXStreet

Following the inconclusive price action on Thursday, Aurora Cannabis Inc. (ACB) is seen opening around the 0.83 area at the end of the week.

In the meantime, futures of the US main equities benchmarks point to a mild negative start of the session on Friday amidst unabated COVID-19 concerns and with the monthly labour market report in the centre of the debate, particularly following the recent surge in weekly Initial Claims. On the latter, all the attention on Friday is expected to be on the release of March's Non-farm Payrolls (-100K exp.) and the performance of the jobless rate (3.8% exp.).

In the meantime, ACB is posed to extend the weekly side-line theme following the correction lower from Friday’s tops at 1.13. Furthermore, extra rangebound trading appears in the pipeline, as signalled by the daily RSI around the 41 region.

Aurora Cannabis Stock Price

At the moment (pre-market), the stock is gaining 0.02% at 0.83 and a breach of 0.78 (weekly/monthly low Apr.1) would expose 0.60 (2020 low Mar.19) and then 0.34 (monthly low Aug.2016). On the upside, the next up barrier emerges at 1.13 (weekly high Mar.27) seconded by 1.41 (55-day SMA) and finally 1.79 (high Feb.20).

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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