Company Overview: Aurora Cannabis Inc. (TSX: ACB) based in Edmonton, Canada, is a prominent player in the global cannabis industry. Specializing in both medicinal and recreational cannabis products, Aurora operates under a diverse portfolio of brands. This Report covers the Price Action, Technical Indicators Analysis along with the Stop Loss Levels, Target Prices, and Recommendation on this one stock. 

Canada Market Round-Up

The benchmark S&P/TSX Composite Index (TSX: ^TSX) started last week on a positive note and maintained a bullish momentum for the entire week. The S&P/TSX composite index advanced by 16.87 points (0.07%) to 22690.39 for the week ending July 19, 2024. On July 22, 2024, the index closed at 22872.65, up by 182.26 points or ~0.80%. Healthcare, Technology, Utilities, Financials, Real Estate, Industrials, Energy,  Consumer Cyclicals, and Consumer Non-Cyclicals were the leading sectors, While Basic Materials was the lagging sector on Monday. As per the data published by Statistics Canada, the Canadian retail sales decreased 0.8% to $66.1 billion in May. The weekly chart indicates that the index prices are trading above the falling trendline support zone. Moreover, prices are sustaining above the 21-period, which may act as a support level for the index. The immediate resistance for the index is around 23350, while the immediate support exists at 22300. On the weekly time frame, RSI is reading at ~68.30 levels.

On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA BOC Rate Statement, US Advance GDP q/q and Unemployment Claims.

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