Zak Mir takes a charting look at some of the most closely followed small caps on the London Stock Exchange. Today’s charts are FTSE 100, DAX, Dow, Bitcoin, Ethereum, Gold, Celsius, First Class, Goldstone, GETECH, Gem Resources, Jangada, Mast, Nuformix, Oracle, Pri0R1Ty, Smarter Web, Shuka.
This is a technical, no-nonsense look at where momentum sits, which levels matter and what I’d be watching for in the coming weeks. If you trade or invest in any of these areas, these are the lines I’d keep on my screen.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
Macro & indices snapshot
FTSE 100
The index is trading either side of the floor of a rising trend channel drawn since June. The real level to watch is around 9,200 . A decent end-of-day / end-of-week close above recent resistance at 9,260 would be constructive.
We’ve had another RSI 50 rebound — second time lucky maybe — and the 50-day moving average sits at around 9,179 . If we hold above that and clear the recent record high (~9,357 from August), the top of the channel could be as high as 9,530 by the end of next month.
DAX
Pretty dead market at the moment. Price is near the floor of the April-to-date channel, RSI is below neutral 50 and we’re essentially rangebound between roughly 23,400 and the 50-day line near 23,900 .
Not much to do unless we get an end-of-day close back above RSI 50 or a break of the 50-day line. On the downside, a pullback to the 200-day line around 22,800 remains a risk.
Dow
Three down days have taken some wind out of the sails, but price sits at an RSI support line near ~56 — a reasonable spot for a revival. Recent support around 45,600 is important; staying above that and the 50-day (about 45,100 ) keeps the bull case intact.
Clear the recent highs toward 46,700 and the top of the 2024 rising trend channel points toward 47,700 by the end of next month.
Cryptocurrencies
Bitcoin
Bitcoin has slipped below the floor of its rising trend channel and the RSI reads poorly (~37 ), so the chart looks uncomfortable right now. We’ve factored in a test near turn-of-month support around 107k–109k and there’s the 200-day line around 104k to consider.
Only an end-of-day close back above the broken channel (111k) — and preferably above the 50-day (114k) — will get this market out of trouble. If we do recover, the top of the adjusted channel still points to a lofty target (132K ) by the end of next month, but time is running out.
Ethereum
Hopes for a push to ~5,500 look dashed for now. Even the adjusted rising trend channel is being tested — it’s currently heading toward roughly 5,400 .
Yesterday’s low could be treated as channel floor, but we can’t go much below 3,827 without undoing prior support (July resistance at 3,920 has already been breached). On the positive side, RSI bounced off ~30, so a speculative/trader’s entry around the 3,900 area might suit those looking for a turnaround. Still, there’s not much between 3,900 and the August support near 3,300 .
Gold
Easier picture here. Gold has found new support above early-September resistance, around 3,710 , and that sets up a relatively direct move to the top of the April channel near 3,875 . That target may come sooner than expected — possibly by the end of this month.
Worst case is a retest of mid-September support in the 3,600 zone.
Small-cap watchlist
These are the stocks I mentioned — brief technical notes and the levels I’m watching. Smaller-cap stocks are volatile and often illiquid; treat these as ideas rather than recommendations.
- Celsius Resources — Gapped through the 200-day moving average (normally a meaningful move). Keep an eye on the upside gap and a potential retest toward the 6p area by the end of next month. Illiquid, so spreads matter.
- First Class Metals — Broke recent resistance around 2.35p . With both 50- and 200-day lines rising, look for a run toward the top of the triangle / range around 3.12p by the end of next month.
- Gulf Keystone — Gapped through resistance as oil started flowing again. We’re near two-year highs and the rising channel points to the £2.50 area as an end-of-October target, provided price holds above the broken resistance 210p .
- GTech — Trying to break through resistance around 2.05p . An end-of-day close above that could quickly push toward 2.75p .
- Gem Resources — Decent corporate update and headed for a near-term target of 0.80p . If we clear that, there’s not much obvious resistance until a larger price zone (noted in the chart). The rally started with an unfilled upside gap — encouraging from a sentiment perspective.
- Jangada Mines — V-shaped rebound off the 200-day line (around 0.79p). Momentum looks positive with multiple RSI rebounds above 50. Near-term target 1.5p by the end of next month.
- Mast Energy — Suffered a “rugpull” after a dead-cat bounce; needs to close back above the 50-day (107p ) in the next few days to avoid a longer consolidation.
- Nuformix — Potentially part of a biotech revival. We’ve already seen RSI 50+ rebounds and both 50- and 200-day lines are rising (a golden cross). Watch the broken resistance near 0.10p and a squeeze toward the top of the range ( 0.26p ) if momentum continues.
- Oracle Power — Triple RSI rebound (a bullish lead indicator). Broken recent resistance at 0.02 Minimum target 0.03 ; if they keep fundraises to a minimum, the chart could reach 0.045–0.046 .
- Pri0R1Ty — New product announcements keep coming. A potential triangle breakout through 7p would target the 50-day (3.67p) initially; best case up to the 200-day (5.25p) by the end of next month while price holds above 2.7p .
- Smarter Web — Hit resistance from January at 105–110p . First support is the 200-day (93p); if that fails there’s risk down towards the low- 50p zone (June support projection).
- Shuka — Gap-close buy signal and a push above the 200-day at 4.10p . The 50-day is rising and RSI is trending up — a test of 7p by the end of October is possible while price stays above the 200-day.
Key takeaways
- FTSE: Hold above 9,179 (50-day) and clear 9,260 for upside to the channel top (9,530).
- DAX: Rangebound and lacklustre. Needs an RSI50 flip or a break of the 50-day to resume direction.
- Dow: Watch 45,600 support and the 50-day (45,100); still capable of pushing to new highs if momentum returns.
- Bitcoin & Ethereum: Both are testing important trend and moving average support. Recoveries need end-of-day closes above the broken channels / 50-day to restore bullish bias.
- Gold: Constructive — new support 3,710 with a path to 3,875 unless mid-September support (3,600) is retested.
- Small caps: Several interesting technical setups (gaps, triangle breakouts, RSI rebounds). Liquidity and fundraises remain the usual caveats.
Final word
That’s the run-through for September 26. Technical levels matter — especially where RSI, the 50- and 200-day moving averages and unfilled gaps line up. If you’re trading any of the names above, mark the levels I’ve called out and watch for end-of-day closes rather than intraday noise.
“”Ideally we stay above the 50-day line… and then head higher.””
For regular chart updates and more small-cap ideas, follow the Bulletin Board Heroes coverage — I’ll keep tracking these set-ups and call out anything that changes materially.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
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