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Fan Yang

Aurora Cannabis (ACB) Continues to Retreat; I Would Not Rely on the $4.10 Support

Aurora Cannabis $ACB was on a surge going into 2018, but has since consolidated in a wide range between roughly $12 and $4.10. 

ACB Weekly Chart

(click to enlarge)

Bearish Bias:
- As we can see on the weekly chart, it has been almost 2 years of sideways action.
- However, note that price in 2019 failed to push above $10 - so it did not reach the consolidation high.
- This reflects bearish bias. 
Support:
- Now if price falls to $4.10, it would be challenging a critical support, reinforced by a 200-week simple moving average (SMA).
- Because of the prevailing bearish bias, I would not rely on the support here in the $4-$4.10 area. 
- I can see some short-term bounce here, but I think there is still more risk down towards $2.50-$3.00 area. 
- For me, I would not open exposure to ACB unless price falls back down to the $2.00-$2.50 area. 

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