ARDELYX INC - NASDAQ: $ARDX - Constructive ConsolidationAfter breaking to higher ground a week ago on enormous volume, shares of ARDELYX INC - NASDAQ: ARDX find themselves in constructive consolidation mode digesting the recent run on lower volume as we can observe from the Daily chart above.
With the stock trading well above its 20/50 and 200 DMA's on the Daily timeframe, the short-term technical posture of ARDX remains favorable. While the stock may require additional consolidation in order to absorb its recent sharp move and allow itself to build cause/energy before its next attempt at loftier levels, ARDX continues to shape-up technically.
Moving forward, both investors/traders may want to continue to closely monitor the action in ARDX as we suspect that after its current period of consolidation resolves, we may just witness another move into northern territory with and initial objective of $8 and the potential for a secondary objective in the $11-$15 range down the road.
Thus, investors/traders may want to put ARDX front-and-center on their radars.
