ACB Stock Price: Aurora Cannabis Inc. trades flat near $7.40

Following Monday’s sharp sell-off, ACB gyrates around the $7.40 region.
US futures markets point to a decent opening on Tuesday.

Pablo Piovano FXStreet

Apparently, there is no light at the end of the tunnel for Aurora Cannabis Inc. (ACB). The pot-company sunk by around 8% on Monday, just after implementing the 12:1 reverse stock split.

The prevailing stance on the Canadian-based company remains well submerged into the bearish territory, as buyers remain absent and paying no attention (yet) to the company’s plan to reduce its balance sheet, increase production capacity and implement large layoffs, all part of a broad restructuring idea.

It is worth recalling that the Canadian company was already shedding around 70% so far this year (before the shares consolidation kicked in on Monday). All the attention is now fixed on May 14, when the company is due to report its fiscal-Q3 operating results (CA$ -0.06 per share exp.)

On the broader scenario, both the DowJones and the S&P500 are expected to open with modest gains on Tuesday against the backdrop of an improved sentiment in the risk-complex and a weaker greenback.

Aurora Cannabis Stock Price

At the moment, ACB is losing 0.81% at 7.41 and faces the next support at $7.05 (monthly low May 11) seconded by $4.07 (monthly low Aug.2016). On the upside, a break above $9.60 (high Apr. 28) would expose 11.16 (monthly high Apr. 9) and finally 10.52 (55-day SMA).

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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