Argenx Jumps 3% to $555 on Bullish Technical Signals and Heavy Volume

argenx (ARGX) concluded the most recent trading session with a 3.07% gain, closing at $555.19 after trading between $538.91 and $557.29 on elevated volume of 671,238 shares. This positive momentum interrupts a period of consolidation observed over the preceding weeks and warrants a multi-indicator technical assessment.
Candlestick Theory
Recent sessions show a bullish reversal pattern forming near the $538–$540 support zone. The July 9th session produced a decisive white candle closing near its high after testing the previous day’s low, signaling accumulation. Key resistance resides near $562–$568 (June 23–24 highs), while sustained closes below $538 would invalidate the bullish structure. The $575–$586 range (mid-June troughs) serves as critical intermediate resistance.
Moving Average Theory
The 50-day moving average currently at $565 aligns with the immediate resistance zone. A bullish crossover is emerging as the 50-day begins to flatten above the 100-day ($550), though the 200-day ($585) caps the upside. The recent bounce off the converged 100/200-day averages near $545–$550 reinforces their significance as support. A sustained break above the 50-day could signal renewed intermediate-term momentum.
MACD & KDJ Indicators
MACD lines are converging near the zero line, with histogram bars turning positive, suggesting weakening downward momentum. KDJ shows the %K line at 45 crossing above %D (42) from oversold territory, supporting a short-term bullish bias. Neither oscillator yet signals robust overbought conditions (MACD at -1.2, KDJ below 50), leaving room for potential upside before resistance tests.
Bollinger Bands
Volatility contraction is evident as bandwidth narrows to 6-week lows near $540–$560. The July 9th close above the 20-day moving average ($552) and upper Bollinger Band ($558) indicates a breakout attempt. Confirmation requires follow-through volume. Band expansion above $565 would validate bullish momentum, while rejection could trigger reversion toward the $540 midline.
Volume-Price Relationship
The 3.07% advance occurred on the highest volume in 10 sessions, lending credibility to the breakout. Distribution was noted during the June 30th sell-off (1.5M shares traded in a 10% range). Supportive volume on rallies toward $565 would strengthen the bullish case, while fading volume at resistance could signal exhaustion.
Relative Strength Index (RSI)
The 14-day RSI reading of 58 reflects neutral momentum, recovering from a July 1st dip to 42. This reset from near-oversold conditions without reaching extreme readings supports the current bounce. Overbought concerns would arise above 70, though the indicator’s lagging nature warrants confirmation from price structure.
Fibonacci Retracement
Applying Fibonacci to the June 24th high ($574.64) and July 8th low ($536.02) shows the 61.8% retracement at $555 aligning precisely with the July 9th close. The 78.6% level at $563 overlaps with the 50-day MA and June 24th gap resistance, creating a high-probability rejection zone. A decisive close above $563 would expose the June highs near $574.
Confluence and Divergence
Confluence exists at $563–$565, where Fibonacci resistance, the 50-day MA, and prior consolidation highs converge, making this a critical test for bulls. Bearish divergence is noted in RSI, which failed to confirm the June highs (69.8 vs. May’s 78.5) before the correction. A break above $568 with expanding volume would negate this divergence and target $575–$586. Conversely, failure to hold $538 risks retesting the $520–$530 support shelf formed in early July. The current technical posture favors cautious upside potential toward $563–$568, contingent on sustaining volume support through resistance zones.