Aurora Cannabis Inc. Stock Forecast
Aurora Cannabis Inc. stock downgraded to Strong Sell Candidate
(Updated on Jun 28, 2024)
The Aurora Cannabis Inc. stock price fell by -2.77% on the last day (Friday, 28th Jun 2024) from $6.50 to $6.32. During the last trading day the stock fluctuated 4.16% from a day low at $6.25 to a day high of $6.51. The price has fallen in 8 of the last 10 days and is down by -19.7% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -266 thousand shares and in total, 374 thousand shares were bought and sold for approximately $2.37 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -13.54% during the next 3 months and, with a 90% probability hold a price between $3.47 and $9.90 at the end of this 3-month period.
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ACB.TO Signals & Forecast
There are few to no technical positive signals at the moment. The Aurora Cannabis Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $6.76 and $8.28. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -50.04%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Aurora Cannabis Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $5.81. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.260 between high and low, or 4.16%. For the last week, the stock has had daily average volatility of 6.53%.
Aurora Cannabis Inc. is oversold on RSI14 (12). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ACB.TO) For The Upcoming Trading Day Of Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect Aurora Cannabis Inc. to open at $6.36, and during the day (based on 14 day Average True Range), to move between $5.82 and $6.82, which gives a possible trading interval of +/-$0.496 (+/-7.84%) up or down from last closing price. If Aurora Cannabis Inc. takes out the full calculated possible swing range there will be an estimated 15.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.78 (7.28%) than the support at $5.81 (8.07%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Aurora Cannabis Inc. stock A Buy?
Aurora Cannabis Inc. holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.258 Strong Sell Candidate Downgraded
Predicted Opening Price for Aurora Cannabis Inc. of Tuesday, July 2, 2024
| Fair opening price July 2, 2024 | Current price |
|---|---|
| $6.36 ( 0.633%) | $6.32 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ACB.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.62 | 4.75% |
| R2 | 6.52 | 3.18% |
| R1 | 6.46 | 2.20% |
| Price | 6.32 | |
| S1 | 6.26 | -0.94% |
| S2 | 6.20 | -1.91% |
| S3 | 6.10 | -3.48% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.54 | 19.30% |
| R2 | 7.03 | 11.23% |
| R1 | 6.78 | 7.28% |
| Price | 6.32 | |
| S1 | 5.81 | -8.07% |
| S2 | 0 | - |
| S3 | 0 | - |
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