What's Going On With Aurora Cannabis Stock Today?
Portfolio Pulse from Erica Kollmann
Aurora Cannabis Inc. (NASDAQ:ACB) shares are trading slightly lower today, despite a recent surge in the cannabis sector fueled by positive developments, including Germany's legalization of cannabis and potential U.S. regulatory changes. The stock has seen a significant increase in trading volume and has gained nearly 150% over the past month. However, with an RSI of 85.45, it is currently considered overbought.
April 04, 2024 | 7:16 pm
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NEGATIVE IMPACT
Aurora Cannabis Inc. shares are slightly down today despite a recent rally in the cannabis sector, driven by legislative advancements. The stock has significantly outperformed with a 150% gain over the past month but is currently considered overbought with an RSI of 85.45.
The short-term impact on ACB's stock price is likely negative due to the overbought conditions indicated by the high RSI value, despite the positive momentum in the cannabis sector. The significant increase in trading volume and recent gains might lead to profit-taking, contributing to a potential short-term price decline.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100