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, WTI Crude Oil, Apertura Energy, ACG Metals, Boku, EDX Medical Group, Empyrean Energy, easyJet, Genedrive, Hays, Impax Asset Management, Iofina, Pagegroup
Friday’s market setup has a bit of everything. Major indices are trying to stabilise, crypto is showing early recovery signs, gold has turned awkward, crude has run into a key technical barrier, and several London small caps are throwing up some very lively chart patterns.
As always, do your own research and treat these as chart-based observations rather than hard recommendations
As always, these are chart-based observations, not hard recommendations. The focus here is on levels, momentum, and the technical signals that tend to matter most when markets are trying to decide what comes next.
FTSE 100: Holding the 50-day line keeps the recovery case alive
The FTSE 100 has broadly done what it needed to do, even if the path has not been perfect. Ideally, it would have held above 10,620, which marked the top of the falling trend channel from March. Instead, it slipped back below that level.
Even so, the bigger technical picture has not broken down. The index has bounced from a rising 50-day moving average, and that is usually a continuation signal rather than a warning sign. On top of that, RSI has found support around the neutral 50 area and bounced from there, which gives the move a constructive feel.
The key levels are fairly clear:
- Support at the 50-day line: around 10,413
- Upside retest: 10,620
- Deeper support: the March uptrend line near 10,360
For now, the preference is for a return to the recent range, with 10,620 back in sight even if the first attempt does not quite stick.
DAX: Hammer candle points to a gap-fill attempt
The DAX looks a touch more sensitive to the geopolitical noise, perhaps because of the oil angle, but the chart has improved. The market has reclaimed ground above its rising 50-day moving average, and the hammer candle printed yesterday is a respectable bullish signal in its own right.
RSI at 52 tells a similar story. It is not wildly overbought, not wildly bullish, but it has bounced from neutral and that is enough to keep the bulls interested.
The next obvious target is a gap fill towards 25,450. Even if the market falls back after that, the likely downside support appears to sit at either:
- the floor of the rising trend channel, or
- the 50-day moving average near 24,888
At this stage, anything much worse than that does not look like the base case.
Dow: Still boxed inside a mini rising channel
The Dow remains trapped inside a relatively neat short term channel that has been in place since the middle of last month. Until something changes materially, the path of least resistance is probably more sideways movement within those boundaries.
- Channel floor: 51,900
- Channel top: 53,000
That range looks likely to persist while markets continue to weigh up the political and geopolitical backdrop. Technically, there is no need to overcomplicate it while price remains inside the structure.
Bitcoin: Frustrating, but the recovery case is getting stronger
Bitcoin has been a frustrating market, but there are finally signs that the tone is improving. Price has been stuck just above old support from February and June, around the 59,000 area, and that repeated defence matters.
The push towards 65,000 over the past day or so has made the chart look healthier. The immediate target is the 50-day moving average at 65,300, with a possible extension to the June peak around 67,000.
What helps here is the RSI setup. Momentum has recovered back above neutral 50, and the prior bounce just below neutral gave an early hint that selling pressure was easing. Combined with multiple bounces and a higher low, the market is beginning to look more like it is in recovery mode than breakdown mode.
The risk level to respect is 61,500. A break below that would reopen the possibility of a slide towards 57,300, which is where the March support projection comes in.
Ethereum: A better recovery profile than a few days ago
Ethereum is also starting to behave better. It is having another go at the 50-day moving average and a long standing resistance line dating back to last August.
The immediate level to watch is 1,795. An end of day close above that would strengthen the case for a move towards the 2,000 area, possibly by the end of the month, perhaps sooner if momentum picks up.
Support levels sit around:
- 1,750
- 1,715
If those levels give way, the risk is a move back towards the lows. But right now the chart is looking noticeably better, helped by an RSI rebound back above 50.
There is also the possibility of an inverted head and shoulders pattern forming, with a neckline around 1,835. If that pattern confirms, the measured move implication would be roughly $200 to $300 of upside.
Gold: Still a sell into strength setup
Gold has been behaving in a slightly perverse way, with peace lifting the price and war knocking it back. Whatever the narrative, the chart remains the chart, and at the moment it still leans soft.
Recent resistance comes in near 4,425. While price remains below that, the risk stays on the downside for a retest of the main support zone around 3,900, more precisely 3,885, a level that has mattered since October.
With RSI still below neutral 50, this is not yet a buy-the-dip chart. It still looks more like a sell into strength market for now.
WTI crude oil: The 200-day moving average is the battleground
Crude has run into a key technical line, the 200-day moving average at 74.33. The earlier rebound from the February gap area near 67 played out well, and now the market is testing whether it has enough energy to push beyond this longer term barrier.
The important levels are straightforward:
- Resistance: 74.33 at the 200-day line
- Support: 67.83 at the February gap floor
For the time being, that 200-day average is the obvious technical pivot.
UK stock technical setups
- Apertura Energy: Above 96p, the chart opens up: Apertura has broken a resistance line at 96p, and that changes the tone of the chart quite a bit. The reason for being a little punchy here is the bounce from a rising 50-day moving average. That setup often points to a bigger move rather than just a small pop.
As long as the shares hold above 96p, the upside levels to note are:
- First target: 125p
- Best case: 180p and the June peaks, potentially by the end of next month
That second target is admittedly ambitious, but the chart has earned the benefit of the doubt.
- ACG Metals: One of the stronger mining charts around: While many metals and mining names have pulled back, ACG Metals has done the opposite. It is sitting near the highs and appears to be in a bull flag above resistance, which is exactly the sort of setup that tends to get technicians interested.
Above recent resistance around 17.90, and with old initial 2026 resistance now cleared, the chart points towards 22.85, potentially by the end of next month.
The supporting signals are all lined up nicely:
- RSI rebound above 50
- Rising 50-day moving average
- Rising 200-day moving average
- A clear bull flag structure
It is difficult to argue with that combination.
- Boku: After a car crash, maybe an overshoot low: Boku has been ugly. No point dressing it up. But occasionally the ugliest charts produce the sharpest rebound trades, and there are at least signs that the recent selloff may have overshot. RSI fell to around 15, which is extremely low, and the heavy down day on Wednesday now looks more like an exhaustion move than the start of another sustained leg lower. If the shares can push above yesterday’s resistance at 97p, there is scope for a rebound towards the gap floor around 101p, even if the move then runs out of steam. The line in the sand is yesterday’s support at 95p. A break back below that would suggest another leg lower, potentially towards 90p.
- EDX Medical: Bullish divergence gives the chart a lift: EDX Medical has attracted high expectations, even if delivery has not always kept pace. The recent move, though, has been sharp enough to demand attention. The key feature here is bullish divergence. Price made lower lows in June and July versus May, but RSI made higher lows. That often signals that downside momentum is fading before the price action fully turns. Above old March support at 9.8p, the chart suggests a run towards the top of the broadening triangle from September, as high as 14p to 15p by the end of next month. The usual caveat applies. This is a company with a habit of regular fundraises, so technical progress can always be interrupted. But on chart form alone, it looks much improved.
- Empyrean Energy: Mid-move consolidation points to further upside: Empyrean has one of those charts that can make a move look bigger than many expect. Both the 50-day and 200-day moving averages are rising, and the shares have delivered two RSI rebounds from above the neutral 50 level. That combination often points to a mid-move consolidation bull flag, not a topping pattern. The upside target here is around 0.13 by the end of next month. That may sound aggressive, but the chart structure supports the idea, especially with consolidation taking place well above the rising 50-day line. As long as the shares remain above the 50-day and 200-day zone around 0.06, the bigger upside scenario remains in play.
- easyJet: The bid backdrop keeps the chart lively: easyJet remains driven by bid interest and the market’s attempt to catch up with the latest developments. Having already moved through £6.20, the chart now naturally starts looking towards the offer zone.
On a pure charting basis, the focus shifts to:
- £7.15, reflecting the announced offer level
- £7.50 and possibly more
- £8.00 in a stronger catch-up move
This is one where fundamentals and corporate activity matter enormously, but the price action itself is still trying to close the gap with the bid narrative.
- Genedrive: Momentum building inside a rising channel: Genedrive has started to gather momentum, helped by a rising trend channel, a bounce from the 50-day moving average, and a gap higher. That is usually a healthy mix. The chart suggests the shares could reach 1.8p by the end of next month. For anyone wanting more confirmation, a break above recent resistance at 1.36p would strengthen the case considerably. Whether the move arrives next month or spills into September, the underlying technical direction looks positive while the current channel remains intact.
- Hays: A boring stock, until it breaks out: Hays is not usually the sort of stock that gets anyone overly excited. Boring can often be good, but until today’s move it had been lacking spark. The breakout through 38p changes that. With today’s gap higher, the obvious next target becomes the 200-day moving average at 44p, possibly within the next week or two. Even if the shares struggle after reaching that level, the move still looks achievable on current technical evidence. The fact that the stock has not been above the 200-day line since last year adds a bit of extra significance to that target.
- Impax Asset Management: Broadening triangle base points to a recovery move: Impax is not a chart that gets much attention, but it is starting to shape up rather well. The pattern in play looks like a broadening triangle base, and the 50-day moving average near 100p is becoming an important anchor. Above that area, the chart points towards 127p by the end of next month. The recovery argument would gain extra credibility with a weekly close above recent resistance around 104p to 105p.
- Iofina: One of the best-looking small cap setups on the board: Iofina looks very strong indeed. The shares have support points well above a rising 50-day moving average, the RSI has delivered a 50-plus rebound, and the current consolidation has the shape of a compact bull flag. That is the sort of setup that can produce a sizeable continuation move, and the chart points towards 67p by the end of next month. The key support area is around 49p, where the floor of the channel and the 50-day line come together. While the shares remain above that zone, the bullish case stays firmly on the table.
- PageGroup: Gap above the 50-day line improves the outlook: PageGroup is another chart that has quietly improved. The stock has formed what looks like a broadening triangle base and has now gapped above the 50-day moving average. That kind of move often catches the bears offside, and it raises the possibility of a recovery towards the 200-day moving average at 160.1p. Beyond that, the broader target is around 170p by the end of next month. The last ingredient still missing is for the 50-day moving average to turn decisively upward rather than simply flatten out. But even before that happens, the gap higher suggests momentum is trying to shift.
The main takeaway from the charts
The overall tone across markets is mixed, but not directionless. Indices such as the FTSE 100 and DAX are trying to resume their broader uptrends after testing support. Bitcoin and Ethereum are finally showing early signs of recovery. Gold still looks vulnerable below key resistance, while crude is stuck wrestling with its 200-day line.
Among London small caps, the stronger technical stories are coming from names such as ACG Metals, Empyrean Energy, Iofina, Genedrive, and potentially Apertura Energy if that breakout sticks. Meanwhile, more damaged charts like Boku are at least showing the kind of washed-out conditions that can lead to a rebound.
At this point, the recurring theme is simple. Where prices are holding above rising 50-day averages and RSI is bouncing through or above 50, the odds tend to favour continuation rather than collapse. In this sort of market, that remains one of the more useful clues to follow.
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.
