Aurora Cannabis Stock Forecast
Big movements in Aurora Cannabis stock price on Thursday moving 17.64% between high and low
(Updated on Apr 18, 2024)
The Aurora Cannabis stock price gained 12.87% on the last trading day (Thursday, 18th Apr 2024), rising from $5.79 to $6.54. During the last trading day the stock fluctuated 17.64% from a day low at $5.67 to a day high of $6.67. The price has fallen in 6 of the last 10 days and is down by -7.44% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 9 million shares were bought and sold for approximately $56.89 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 555.28% during the next 3 months and, with a 90% probability hold a price between $34.50 and $55.61 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 $6.39 and $4.63. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -9.36%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Aurora Cannabis stock
Aurora Cannabis finds support from accumulated volume at $6.36 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 $1.00 between high and low, or 17.64%. For the last week, the stock has had daily average volatility of 12.94%.
Our recommended stop-loss: $6.18 (-5.37%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (ACB) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Aurora Cannabis Inc. to open at $6.29, and during the day (based on 14 day Average True Range), to move between $5.66 and $7.41, which gives a possible trading interval of +/-$0.87 (+/-13.36%) up or down from last closing price. If Aurora Cannabis Inc. takes out the full calculated possible swing range there will be an estimated 26.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.63 (1.45%) than the support at $6.36 (2.75%), 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 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: 5.053 Strong Buy Candidate Upgraded
Predicted Opening Price for Aurora Cannabis Inc. of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $6.29 ( 3.72%) | $6.54 |
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 | 7.29 | 11.58 % | |
| R2 | 6.91 | 5.73 % | ||
| R1 | 6.67 | 2.12 % | ||
| Current price: | 6.54 | |||
| Support | S1 | 5.91 | -9.57 % | |
| S2 | 5.67 | -13.18 % | ||
| S3 | 5.29 | -19.03 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.21 | 10.33 % | |
| R2 | 7.06 | 8.03 % | ||
| R1 | 6.63 | 1.45 % | ||
| Current price | 6.54 | |||
| Support | S1 | 6.36 | -2.75% | |
| S2 | 6.28 | -3.90% | ||
| S3 | 5.01 | -23.41% |
FAQ
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