Aurora Cannabis Broadening Top - High Growth Potential
We see a large amount of potential in Cannabis stocks as Cannabis has moved from illegal to a multi-billion dollar business. Aurora cannabis is of particular interest as it has grown remarkably as Canada legalised cannabis in Oct 18 and the firm made a number of key aquisitions and is planning the acquisition of Hempco Food and Fiber Inc furthering the firm's reach into the edibles business. However, Aurora Cannabis as with any stock in an industry in it's infancy should be traded with caution as prices tend to be volatile which could present opportunities for swing trading. Prices spiked to an all time high of 12.53 CAD on the 16.10.18 with ATR peaking, but dropped sharply and followed a downtrend as prices hugged the lower Bollinger Band. The downtrend reversed as prices moved away from the lower band and we now see the a broadening top pattern with a potential breakout back towards all time highs with the lower trend line acting as support.
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