Ardelyx pierces pivotal resistance - Analysis - 21-11-2022

Ardelyx's stock (ARDX) surged in the intraday levels after the FDA voted in favor of giving approval to the Xphozah serum that could be treat phosphor issues for chronic kidney disease patients, with the stock rallying 20.93% in the last session, or 36 cents, and settling at 2.08, with trading volumes surpassing 82 million shares, above 10-day averages of 28.6 million shares.

Technically, the stock is dominated by the upward correctional trend in the short term, with support from the 50-day SMA, coupled with positive signals from the RSI, managing finally to pierce the pivotal resistance of 1.91. 

Therefore we expect more gains for the stock, targeting the first resistance of 2.31, provided it settles above 1.92. 

Expected trend for today: Bullish