Aurora Cannabis Stock Forecast
Big movements in Aurora Cannabis stock price on Tuesday moving 22.48% between high and low
(Updated on Apr 23, 2024)
The Aurora Cannabis stock price gained 18.15% on the last trading day (Tuesday, 23rd Apr 2024), rising from $6.28 to $7.42. During the last trading day the stock fluctuated 22.48% from a day low at $6.15 to a day high of $7.53. The price has fallen in 6 of the last 10 days but is still up by 16.76% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 million more shares were traded than the day before. In total, 9 million shares were bought and sold for approximately $69.21 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 495.43% during the next 3 months and, with a 90% probability hold a price between $36.36 and $52.86 at the end of this 3-month period.
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ACB Signals & Forecast
The Aurora Cannabis stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $6.38 and $4.94. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 28.15%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Aurora Cannabis stock
Aurora Cannabis finds support from accumulated volume at $7.21 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $1.38 between high and low, or 22.48%. For the last week, the stock has had daily average volatility of 13.87%.
Our recommended stop-loss: $7.13 (-3.96%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (ACB) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Aurora Cannabis Inc. to open at $7.03, and during the day (based on 14 day Average True Range), to move between $6.56 and $8.28, which gives a possible trading interval of +/-$0.86 (+/-11.61%) up or down from last closing price. If Aurora Cannabis Inc. takes out the full calculated possible swing range there will be an estimated 23.22% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $7.21, some $0.210 (2.83%) from the current price of $7.42, our system finds the risk reward attractive.
Is Aurora Cannabis Inc. stock A Buy?
Aurora Cannabis holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 7.900 Strong Buy Candidate Upgraded
Predicted Opening Price for Aurora Cannabis Inc. of Wednesday, April 24, 2024
Fair opening price April 24, 2024 | Current price |
---|---|
$7.03 ( 5.20%) | $7.42 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ACB
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.42 | 13.43 % | |
R2 | 7.89 | 6.31 % | ||
R1 | 7.56 | 1.92 % | ||
Current price: | 7.42 | |||
Support | S1 | 6.51 | -12.32 % | |
S2 | 6.18 | -16.71 % | ||
S3 | 5.65 | -23.83 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 7.42 | |||
Support | S1 | 7.21 | -2.83% | |
S2 | 7.06 | -4.85% | ||
S3 | 6.63 | -10.65% |
FAQ
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