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Aurora Cannabis
Ticker: NYSE:ACB
Price: $10.27
Aurora Cannabis News
Pot stocks rallied on Wednesday as the results of Georgia’s Senate runoff elections lifted investors’ hopes for nationwide decriminalization.
Raphael Warnock and Jon Ossoff won their races, according to projections from Decision Desk HQ and Insider, giving Democrats a slim majority in the Senate and unified control of the government for the first time since 2011.
The Democratic-controlled House passed a bill in December to decriminalize and tax marijuana at the federal level, but Senate Republicans balked at the measure. The Democrats’ wins in Georgia give the party a narrow margin to pass more progressive cannabis legislation, though Republicans would still be able to filibuster such votes.
Investors piled into cannabis stocks on the newly bullish outlook. Tilray soared as much as 19.1%. Aurora Cannabis and Canopy Growth climbed 16.5% and 17.7% at intraday highs.
Business Summary
Aurora Cannabis Inc is a Canada-based medical cannabis company. The Company’s principal strategic business lines are focused on the production, distribution and sale of cannabis in Canada and internationally.
The Company is focused on offering its cannabis products to global medical cannabis market, consumer use cannabis market and global hemp-derived cannabidiol (CBD) markets.
The Company offers varieties of cannabis infused products under various brands that includes Aurora, Aurora Drift, San Rafael ’71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler and ROAR Sports.
Its products portfolio includes dried cannabis, cannabis oil, soft-gels, oral dissolve strips, edibles, vaporizers and cannabis infused chocolates.
Price Performance
Relative Valuation
Technical Indicators
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 13.28.
The projected lower bound is: 7.48.
The projected closing price is: 10.38.
Candlesticks
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 21 white candles and 28 black candles for a net of 7 black candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 5 rising windows in the last 50 candles–this makes the current rising window even more bullish.
Momentum Indicators
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
Stochastic Oscillator
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 78.5999. This is not an overbought or oversold reading. The last signal was a buy 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 58.90. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 24 period(s) ago.
MACD
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 0 period(s) ago.
Rex Takasugi – TD Profile
AURORA CANNABIS closed up 0.570 at 10.270. Volume was 126% above average (neutral) and Bollinger Bands were 44% narrower than normal.
Open High Low Close Volume
11.030 11.300 10.120 10.270 8,070,757
Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 9.08 8.33 9.42
Volatility: 106 227 183
Volume: 2,578,015 5,371,830 2,123,561
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
AURORA CANNABIS gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
AURORA CANNABIS is currently 9.1% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of ACB.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on ACB.N and have had this outlook for the last 9 periods.
