ACB Stock Price: Aurora Cannabis Inc. struggles for direction near 0.72.

ACB looks to open around the 0.72 mark in pre-market trading.
US markets sticks to the positive opening on Wednesday.

Pablo Piovano FXStreet

Aurora Cannabis Inc. (ACB) is expected to start Thursday’s session just around Wednesday’s close near the 0.72 level at the time of writing.

The expected negative open in ACB contrasts with small gains from both the S&P500 and the DowJones during the pre-market activity. In fact, market participants are seeing stocks extending Wednesday’s positive performance, which was sustained by better-than-expected corporate earnings reports, extra stimulus and a moderate rebound in crude oil.

In the same direction, ACB reversed three consecutive daily advances and retreated to the sub-0.72 area on Wednesday.

On the broader scenario, concerns over the company’s balance sheet and liquidity keep buyers at bay for the time being in spite of restructuration plans including large layoffs, boost of production capacity and the reduction of the balance sheet.

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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