- Prices of ACB gain more than 10% ahead of the opening bell.
- Stocks are supported by the broad-based upbeat tone in markets.
Prices of the Canadian cannabis producer are recovering ground on Friday following Thursday’s sharp pullback to the 0.60 region, area last visited in August 2016. In fact, and along with the generalized better tone in the risk-associated complex, ACB Inc is edging higher on Friday although it still navigates within the multi-session consolidative range.
ACB is expected to fade Thursday’s pullback as the upside momentum in stocks looks unabated so far on Friday, particularly following the respite in the buck’s rally and the injection of liquidity by the Federal Reserve in the past sessions.
ACB levels to watch
At the moment (pre-market), the stock is gaining 10.32% at 0.73 and faces the next hurdle at 0.81 (10-day SMA0 seconded by 1.15 (21-day SMA) and then 1.43 (monthly high Mar.4). On the downside, a breach of 0.60 (2020 low mar.19) would open the door to 0.34 (monthly low Aug.2016) and finally 0.32 (monthly low Jul.2016).
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