Shares of Aurora Cannabis (ACB) are forming a classic bullish inverse head and shoulder pattern. This pattern signals a strong move coming on the horizon once the neckline is broken. On Aurora Cannabis, the neckline is at $2.25. There is also a major bull flag signaling upside on the stock chart. Investors should be looking for further upside to $3.15 based off the chart setup.
Aurora Cannabis has a ton of shorts that are likely to get squeezed and sentiment is far too bearish. As the Presidential elections approach, look for upside on the whole sector on a possible democratic win. If that happens, marijuana will likely be legal within a year on a federal level. This would almost guarantee a double or triple on all the stocks in the sector.
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