Aurora Cannabis posts solid session with 4.34% gain; upside capped at 74.5 cents

Today at a glance: Aurora Cannabis rose 3.08 cents to close at 74 cents today which makes for a move of 4.34%.

Trend and momentum analysis indicates that 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. Momentum evaluation shows that the Relative Strength Index indicates Aurora Cannabis is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Aurora Cannabis's lower Bollinger Band® is at 71.6747 cents, indicating that the market is oversold and fertile for new buyers.

Overall, the technical outlook suggests Aurora Cannabis is likely to remain muted for the immediate future, with no clear-cut direction.

This rally in Aurora Cannabis's share price coincided with other health care stocks as Thermo Fisher Scientific gained 2.65%, as it traded at $557.09. Astrazeneca PLC was up 2.17%. Abbott Laboratories traded at $99.03 after closing today's trading day at $97.8 (up 1.26%).

Trending downwards for around a month. Having soared to a high of $4.46 approximately 11 months ago, the Canadian cannabis spearhead is now trading 84.1% lower.