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May 21, 2023
Expected lower market open set to test ongoing trend following Friday's bullish close: the Canadian cannabis spearhead went up to 66.79 cents, gaining 6%.
Aurora Cannabis Inc. made an initial breakout above its 50 day Simple Moving Average at 65.225 cents, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Aurora Cannabis is oscillating around the key Fibonacci resistance level of 64.6379 cents. Despite this, Aurora Cannabis's upper Bollinger Band® is at 67.2026 cents, this is a slight indication of a slowdown. Aurora Cannabis could be slowing down soon as it approaches resistance at 68.0967 cents. Of course, crossing it might suggest further gains are ahead.
According to technical analysis, it looks as if Aurora Cannabis likely to continue pointing upward in the short term.
A look at other health care stocks also showed bullish price action as Sanofi was up 2.17%. Merck was up 1.31%. AbbVie traded at $145.11 after closing Friday's trading day at $143.44 (up 1.16%).
Aurora Cannabis hit a significant low of 56 cents around 9 days ago, but has since recovered 12.5%.
