Further increase in price was prevented by the Bears. Should the Bears exert more pressure, the price may reach $7.4 level.
Resistance levels: $8.0, $8.4, $9.0
Support levels: $7.4, $6.8, $6.1
ACB Medium-term Trend: Ranging
ACB is ranging on the medium-term outlook. The ACB price is range-bound within the $8.0 and the $7.4 price level. On June 03, the Bears exerted pressure and placed the price below the $7.4 level. The momentum was lost and could not trend down further. The Bulls took over and the price rally towards the resistance level at $8.0. Further increase in price was prevented by the Bears. The price is moving in a zigzag pattern within the range.
There is not much distance between the two EMAs and the Aurora Cannabis price; this indicates low bearish momentum in the market. Should the Bears exert more pressure, the price may reach $7.4 level.
ACB Short-term Trend: Ranging
On the short-term outlook, ACB is on the sideways movement. ACB price continues its consolidation in the middle of the range between the $8.0 and $7.4 levels. The 21 periods EMA and 50 periods EMA are still interlocked to each other and the price trading over and around it which indicates that consolidation is ongoing in the ACB market. Radical fundamental events may be required to make the ACB price rally.
However, the MACD period 12 with its histogram remains flat to the zero levels and the signal lines. Consolidation may continue for a short period.
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