Guardion Health Sciences, Inc (NASDAQ:GHSI) can be volatile due to its small 25.58 million share float. On Tuesday, the stock rallied over 14% higher and on Wednesday shot up about 67% over Tuesday’s close but ran into a group of sellers who dropped the stock down 33% lower intraday.
- The long upper wick on Wednesday’s daily candle indicates with sideways consolidation will come on Thursday in the form of an inside bar pattern, or that lower prices will come and the stock will fall to fill the gap below.
- There is a gap above on Guardion’s chart as well between $3.53 and $3.99 that is likely to fill at some point in the future.
- Guardion’s relative strength index hit 70% on Wednesday, which also indicates consolidation is before another potential move higher.
- There is resistance above at $1.45 and $1.88 and support below at $1.14 and the 96-cent area.
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