Breakout Alert – Nov.14th 2021

$ACB – Aurora Cannabis, Inc. engages in the production, distribution, and sale of cannabis products. Terry Booth and Steve Dobler founded the company on December 21, 2006, and its headquarters are in Edmonton, Canada.

Sector: Process Industries

Market Capitalization: 1.685B

Ownership Summary: 17.33%

TECHNICALS

On the daily timeframe, the price chart has been forming what could be interpreted as a Head and Shoulders Bottom pattern since August of 2021, finding strong resistance at the $7.50 price level. The daily close of $7.70 on Nov. 12th, 2021, confirmed the breakout from the Head&Shoulders Bottom pattern with a possible price target of $9.00. The price gapped at the open and closed with a substantial 12.29% increase from its previous close. This gap could be considered as a breakaway gap since there was a higher than average volume. This volume could signal firm conviction for a continuation to the upside on Monday, but this is not a guarantee.

Higher Volume

Charts drawn using TradingView

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