Zak Mir takes a charting look at S&P 500, Nasdaq 100, Adial, Avalon, ALX, Connexa, Elong, Loop, Nvni, RedCloud, Scilex, Stem, Skycorp, Upland.
Market Overview: S&P 500 and Nasdaq 100
The S&P 500 continues its robust rebound since April, decisively shaking off bearish pressure. The index remains comfortably above the channel floor at 6,340, with a target range climbing towards 6,630 by the end of August. Should a pullback occur, support around 6,200—established post-July—should hold firm, signaling a strong market foundation.
Meanwhile, the Nasdaq 100 is showing slightly stronger momentum. It is approaching the upper boundary of its rising trend channel initiated in March, with a projected target near 24,100 within the next month. The index is maintaining gains above the initial July resistance level of 22,800 and the May uptrend line, suggesting steady upward movement.
Stock Spotlights: Opportunities and Momentum Plays
Adial Pharmaceuticals (ADIL)
Adial Pharmaceuticals is nearing a major resistance level at $71, which corresponds to February’s highs. The stock is expected to test the 200-day moving average around $78 by the end of next month, maintaining a solid position above recent support at $53. This setup offers a promising risk/reward balance for traders eyeing a breakout.
Avalon Advanced Materials (AVL)
Avalon is hovering around the crucial $3 mark, having previously spiked to nearly $5 within a broadening triangle pattern formed since April. Staying above the $2.50 resistance zone is key to sustaining momentum. Notably, a bullish divergence in the RSI indicator and a gap-up pattern suggest this is more than a one-day rally. Conservative traders might wait for a close above the 50-day moving average at $3.40 before committing.
ALX Resources (ALX)
ALX is testing neckline resistance around $64, with a projected upside towards $93 by the end of August. The stock benefits from a rising trend channel base and a double bounce in the RSI, including a recent move above the neutral 50 level, indicating strong underlying strength. Holding above the recent support at $55 will be critical for this bullish thesis.
Connexa (KEXA)
Connexa is positioned to advance towards a resistance projection near $5.60. The shares have found support around $3.50, and a close above Monday’s high is a positive technical signal. This momentum could well carry the stock higher into next month.
Elong Power (ELON)
Elong Power appears ready for a sustained breakout above its 200-day moving average at approximately $2.90. Surpassing this level could see the stock push towards the upper boundary of its rising trend channel around $5.80 by the end of August. Maintaining support above July’s resistance near $2.50 will be essential to keep the rally intact.
Loop Industries (LOOP)
Loop Industries has executed a classic gap-through neckline breakout, currently aiming to hold above $1.47, a previous resistance turned support. This sets the stage for a retest of last month’s highs near $2.28 by the end of August, suggesting a solid bullish trajectory.
NVNI (NVNI)
NVNI has surged past neckline resistance, clearing the significant $50 level which acted as resistance in May. With a recent support zone near $53, the stock is poised to climb as high as $9.50 by the end of next month, provided it maintains these support levels.
Red Cloud (RCI)
Red Cloud is shaping up nicely with multiple support points at the base of a rising trend channel dating back to June. The stock aims for the top of its range near $5 by the end of next month. Those cautious may prefer to wait for a close above the early-month gap down, but the rise above the 50-day moving average and an RSI rebound above 50 signal a strong setup.
Scilex Holding Company (SCLX)
Scilex is demonstrating a classic saucer-shaped turnaround pattern. The target is the top of its rising trend channel near $25, ideally reached by the end of next month. The stock recently cleared its 200-day moving average at $13.64, boosted by a bullish gap-up, indicating strong momentum.
Stem, Inc. (STEM)
Stem has also gapped higher, supported by a golden cross between its 50 and 200-day moving averages. Maintaining levels above recent resistance at $18.60 sets the stage for a move towards $26, the top of its rising trend channel from the start of the year.
Skycorp (SKY)
Skycorp is pushing through its 200-day moving average, currently at $3.70. Although limited chart data makes precise projections challenging, the stock is expected to rise to the $5 area in the coming weeks, provided it remains above this key moving average.
Upland Software (UPLD)
Upland Software has broken out from congestion below its 50-day moving average, spiking sharply. The stock is targeting resistance from April around $3.10 by the end of next month. Holding above the $2.40 support zone on end-of-day closes, along with an RSI moving above the neutral 50 level, adds to the bullish case.
Conclusion
This comprehensive technical overview underscores a generally positive market environment, with both major indices and select stocks showing strong setups for further gains. Key support levels and moving averages will be critical to watch as these trends unfold. Whether you’re a trader or investor, these chart-based insights provide valuable guidance for navigating the coming weeks.
Stay tuned for more updates as we continue to track these and other market movers.
