Zak Mir takes a charting look at the latest requests, including Delta Gold Technologies plc (DGQ), Mkango Resources (MKA), Panther Metals PLC (PALM), Physiomics (PYC) and Upland Resources Ltd (UPL).
In markets like these, support, resistance and moving averages often tell the story faster than the headlines do.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
The theme across all of them is straightforward enough: in markets like these, price action, moving averages, gaps, support and resistance often tell the story faster than the headlines. These are chart-based observations rather than hard recommendations, and the key levels matter.
Delta Gold Technologies: pullback after a stellar run
Delta Gold has had a huge run since effectively the beginning of its stock market life, so the key question now is how far the shares need to retrace before the next meaningful leg higher can begin.
The preferred upside scenario had been for a move a little beyond 175p, perhaps into the 180p to 190p zone, where February resistance comes into play. That move did not materialise, and the chart has weakened short term.
At present, the shares are trading below a previous target line at around 140p. Once that level gives way, the chart opens up two obvious downside possibilities:
- A gap fill towards 115p, referring to the initial gap higher seen at the start of the month.
- A retreat towards the 100p area, which roughly matches the last two major support points from April and the 50-day moving average, currently around 96p.
If forced to choose, the more likely setup appears to be a move into that gap region first, followed by another attempt to recover. There is, however, a more optimistic reading of the chart. Some may argue that the shares have already bounced above the gap and are trying to head higher again.
For that more constructive case to hold, 120p needs to hold.
The cleaner bullish trigger would be an end-of-day close back above 140p. If that happens, the assumption would be for a retest of the highs by the end of next month, with the more ambitious target back up near 190p.
The RSI is sitting just below the neutral 50 level, which leaves room for the argument that the worst may already be over, but the chart still needs to prove it.
Key levels for DGQ
- Support to watch: 120p
- Gap-fill area: 115p
- Major support zone: 100p to 96p
- Recovery trigger: close above 140p
- Upside target on recovery: 190p
Mkango Resources: still constructive above the 200-day line
Mkango is one of those charts where the bullish reading has perhaps run a little ahead of price so far, but the structure is still promising.
The earlier positive signal came in April with what looked like a bear trap gap reversal, or gap fill, in the upper 30s. That type of move often marks the end of a shakeout and the start of a more durable recovery.
Since then, the shares have been trading either side of the 50-day moving average, while the 200-day moving average has been rising and currently sits around 47p. The market is now edging towards what could become a golden cross, where the 50-day moving average rises through the 200-day average.
That matters because one of the strongest parts of a bullish cycle is often the run-up into a golden cross, not merely the signal itself. In this case, the crossover still looks a couple of weeks away, so the setup remains one to monitor rather than one that has fully fired.
As long as the shares stay above the 200-day line, the chart points towards a break of the resistance line from October, which is roughly where the shares closed on Friday at 54p.
Any move sustained above 54p would open the way towards 72p, targeting the top of the post-November triangle by the end of next month.
What matters most for MKA
- Key support: 200-day moving average at 47p
- Near-term resistance: 54p
- Potential breakout target: 72p
- Technical theme: run-up to a possible golden cross
So the chart is not being asked to do anything extraordinary here. It simply needs to hold above the long-term average and let the shorter average start curling higher.
Panther Metals: failed gap fill keeps the upside case alive
Panther Metals has been one of the more heroic charts of late, and technically it still looks in decent shape.
There are several bullish elements working together here:
- Both the 50-day and 200-day moving averages are rising.
- There is an uptrend line in the RSI window, which supports the positive momentum backdrop.
- The shares gapped through resistance and, importantly, managed to hold that gap.
The market has been trading above 110p in recent sessions, and as long as it remains above that area and above the uptrend line from April, the broader view remains constructive.
The target here is a move towards 180p, based on a projection from the December resistance line. For the more cautious approach, it may be sensible to wait for a break above the recent high at 137p before assuming the next leg higher is underway.
That said, the failed attempt to fill the gap is actually a positive feature. Failed gap fills often suggest that dip buyers are stepping in before the market can complete a retracement, and that can lead to a more direct push higher.
On that basis, the shares could head towards 180p as soon as the end of next month.
Key levels for PALM
- Gap support area: 110p
- Cautious breakout trigger: 137p
- Upside projection: 180p
Physiomics: strong as an ox while the gap support holds
Physiomics has not done much since the previous look at the chart, but sometimes that is exactly what you want to see. Consolidation after strength can be a healthy feature, especially when it happens above key support.
The chart still looks robust. There is:
- An uptrend line in the RSI window
- 50-day and 200-day moving averages both rising in parallel
- An earlier gap up this month that has remained unfilled
That gap is central to the setup. The top of the gap sits around 0.52p, and the recent low has been around 0.55p. As long as the shares remain above 0.55p, the technical view continues to favour a move towards the top of the rising trend channel from October.
That channel target comes in as high as 0.83p, with the time horizon pointing to the end of next month.
An unfilled gap to the upside is often a strong signal, particularly when it is supported by rising moving averages. It tells you the market has repriced sharply and has not yet shown any desire to revisit the breakout area in full.
Key levels for PYC
- Gap support: 0.52p
- Near-term support to hold: 0.55p
- Channel target: 0.83p
Upland Resources: needs a proper break through resistance
Upland is the one that has taken a bit of a knock recently, but the chart is not broken. It is simply at the stage where a convincing breakout is needed before the next upside target can be taken seriously.
The big level on the chart is the major resistance line from the end of November, which comes in around 3.1p. A clearance of that level on either an end-of-day close or, better still, a weekly close basis would improve the picture materially.
If that breakout arrives, it opens the way to the top of the channel at around 4.75p. On present pace, that looks more like an end of July objective rather than something immediate by the end of June.
The condition attached to that bullish case is that the shares hold above the floor of the channel at around 2.5p. It is not a wide margin, so this is a relatively tight setup.
Even so, there are a couple of technical details that still offer encouragement:
- The RSI remains above neutral 50
- The shares are near the 50-day moving average at 2.85p, suggesting support may continue to come in around current levels
Key levels for UPL
- Channel floor support: 2.5p
- Moving average support: 2.85p
- Breakout level: 3.1p
- Channel target: 4.75p
The bigger technical takeaway
Across these five charts, a few recurring themes stand out:
- Gap behaviour matters. Whether it is a possible gap fill in DGQ, a failed gap fill in PALM, or unfilled upside gaps in PYC, gaps are driving several of these setups.
- Moving averages are doing the heavy lifting. Rising 50-day and 200-day lines, and the possibility of a golden cross in MKA, are important signs of trend quality.
- Resistance levels remain the gatekeepers. DGQ needs 140p back, MKA needs to clear 54p, PALM can strengthen further above 137p, and UPL really needs to get through 3.1p.
- RSI is being used properly, not as a headline signal on its own, but as a supporting clue when it stays above 50 or holds an uptrend line.
If there is one lesson running through all of this, it is that charting is rarely about guessing in the dark. It is about identifying the levels that separate a bullish continuation from a failed setup and then respecting those levels.
For now, Physiomics and Panther Metals look among the stronger charts, Mkango remains interesting if the golden cross theme develops, Upland needs to prove itself through resistance, and Delta Gold is trying to find out whether the recent pullback is just a pause or something deeper.
As ever, these are technical outlooks rather than hard recommendations, and the price levels are what matter most.
These are chart-based observations rather than hard recommendations, and the key levels matter. In markets like these, support, resistance and moving averages often tell the story faster than the headlines do.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
