Aurora Cannabis Inc (NYSE: ACB) is off to a hot start to 2019, but the stock is still trading well below its 2018 highs. The stock has been trading in a very narrow range for roughly a month now, and technical traders are anticipating a breakout in one direction or another in the near future.
Aurora shares have been trapped in a narrow horizontal trading range between around $8.50 and $9.25 since mid-March. For a stock with a history of extreme volatility, Aurora has been stuck in an extended low-volatility consolidation period.
Aurora last tested the top of the consolidation channel April 22 when it closed at $9.23 before turning lower once again. It bounced off the bottom of the channel when it closed at $8.50 on April 15 and then bounced after opening at the same level the following day.
Despite the extended breather, Aurora shares are sitting on…