- ACB is set to fade Thursday’s gains and return to $16.00.
- US markets trade flat ahead of the opening bell on Friday.
Aurora Cannabis Inc. (ACB) is down around 10% during the pre-market trading hours at the end of the week, leaving behind part of Thursday’s gains to the area above the $17.00 mark.
The Canadian-based company closed with small gains on Thursday, although it was enough to reverse two consecutive daily pullbacks after a failed attempt to surpass the key barrier at the $20.00 yardstick.
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.
It is worth recalling that the Q3-earnings report showed the company’s net revenue rose 18% vs. the previous quarter and consumer cannabis net revenue jumped 24% (both prints excluding provisions)
Looking at the broader picture, both the DowJones and the S&P500 are navigating the area of Thursday’s close ahead of the opening bell in Wall St. on Friday. In the meantime, the gradual re-opening of the economy, US-China trade concerns and the development of a potential vaccine to the coronavirus continue to drive the sentiment among investors.
Aurora Cannabis Stock Price
At the moment, ACB is retreating 8.74% at $15.78 and faces the initial support at $9.70 (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).