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Trading Signals

Solid session for Aurora Cannabis generates 1.06% gain Friday

23 April 2023

ACB

A quick look at Friday: Aurora Cannabis ended Thursday at 61.1 cents. Friday it went up to 62.91 cents only to drop back, yet still managed to close at 61.75 cents.

Technical analysis shows that Aurora Cannabis Inc. reversed direction at 62.6833 cents resistance zone and retreated back 1 cents below it. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Aurora Cannabis's lower Bollinger Band® is at 60.622 cents, indicating that the market is oversold and fertile for new buyers.

All in all, the technical analysis suggests Aurora Cannabis has no clear-cut direction.

This rally in Aurora Cannabis's share price coincided with other health care stocks as Novo Nordisk traded at $172.65 after closing Friday's trading day at $165.37 (up 4.4%). Eli Lilly and Company added 2.78% to its value, and traded at $385.24. Medtronic was up 2.68%.

Trending downwards for around 2 months. Approximately 11 months ago, the Canadian cannabis producer reached a significant high of $3.19 but has struggled to hold onto its gains and declined 80.85% since then.

Market Summary

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