Zak Mir takes a charting look at some of the most closely followed small caps on the London Stock Exchange. Today’s charts include the FTSE 100, DAX, Dow, Bitcoin, Gold, Aptamer, Avacta, Afentra, ActiveOps, Conroy, Dialight, Great Western, GCM, Hemogenyx, ImmuPharma, Mast, and RC Fomax.
Below, I walk through the major indices, crypto, gold and a selection of small-cap stocks I’m watching, using the same chart-based, no-nonsense approach I use on the channel. Expect support/resistance levels, moving average context and brief target guidance.
Market snapshot
FTSE 100
FTSE 100 is giving the impression of a rising wedge beneath a red resistance line dating from May — a negative pattern. An end-of-day close back below the June uptrend line (around 91.80) risks a move down toward initial August support and the 50-day moving average (9025) over the next week or two.
There’s an RSI support line we recently lost near 56, which also flags downside risk. Conversely, if we can reclaim roughly 9220 on a close (that was resistance earlier this month), the short-term bearish case weakens and a move toward 9350 — and the projecting resistance line — becomes plausible.
DAX
The DAX has been drifting lower and has broken down below its rising 50-day line. The near-term downside target is the initial August support near 23,400 if weakness continues — analogous to other European indices that are looking tired.
Dow Jones
The Dow remains a relative outperformer, still above the key 45,000 level. The rising trend channel from May suggests upside toward the top of that channel (around 47,600), while the downside buffer sits near the 50-day line at 44,300.
Cryptocurrencies
Bitcoin
Bitcoin still looks like it needs to test the floor of the rising trend channel (currently around $108k on the chart) before meaningful upside can resume. The longer-term channel extends up toward $133k, but that feels distant with the RSI well below neutral 50. Key support levels are July’s $105k and potentially the 200-day line near $101k.
On the upside, breaking the resistance line from mid-month ($113k) is required to get noticeably bullish again.
Ethereum
There’s been a narrative of funds rotating from Bitcoin into Ethereum. In the near term Ethereum has been outperforming, but it’s now breaking the short-term uptrend near 4,400. A failure there risks a test of the 4,000 area and the 50-day line around 3,940.
The only slightly positive note: the RSI remains above 50, having bounced three times this month, which leaves open the chance of an intraday revival back above 4,400 if buyers step in.
Gold
Gold just broke through the 3,410 level on a day close — a bullish event. While absurd catalysts (massive dollar weakness or geopolitical shock) aren’t impossible, technically this opens a path toward 3,500 and, in a more extended move, 3,800.
Stocks to watch
Below are the small-cap and AIM names I covered, with the key chart levels and short-term targets I’m watching.
- Aptamer Group; A strong call so far — we flagged targets at £0.50, £0.67 and £0.90. The next resistance zone is the end-of-last-year area around 1.35–1.40p, which I’m looking for by the end of September. The shares have stayed above the penny mark (support) today — that’s encouraging.
- Avacta Group; Despite some concern around funding communicated in the RNS, the chart looks constructive. Shares have bounced at the 200-day line (41p) and are now facing neckline resistance around 59p. The pattern reads like an inverted head-and-shoulders — a measured move suggests roughly a 95p target, with a nearer-term level of 87p (old July resistance) plausible by the end of next month. Key help: we now trade above the rising RSI trend and a rising trend channel pointing toward 74p as a nearer target. Stay above broken resistance 52p on an end-of-day basis to keep the bullish case.
- Afentra; Not a stellar performer historically, but currently forming a bull flag around the 50-day line (48p) and showing an RSI-50 rebound. That suggests a move toward one-year resistance at 55p in the coming weeks. The 200-day line is rising too — effectively a Golden Cross situation supporting upside if the mid 40s hold as support.
- ActiveOps; Rising trend channel from March; top of the channel projects toward £2.23. The floor of the channel is near £1.75 — while we remain above that, the setup looks attractive. Notably, since April dips have found support comfortably above the 50-day, a bullish leading indicator.
- Conroy Gold; Shares have rallied well and the near-term target is 10p, which could be reached by the end of next month. Given recent momentum, the upside case can extend to 20–22p on a strong break through 10p. Keep an eye on holding above broken resistance near 7.5p on an end-of-day basis.
- Dialight; Extended ricochet off a rising 50-day line and the shares have cleared the second target around 205p. The next range target is up to 280p (the upper parallel) by the end of next month while support at the 50-day (196p) holds. An RSI-50 rebound adds to the bullish picture.
- Great Western Mining; A long-shot name historically, but currently in a rising channel. Near-term target 1.3p while above the 50-day (0.97p). Best case by the end of next month up to 1.75p. Caveat: this company has a habit of fundraisers, which can cap gains quickly.
- GCM; I was optimistic that the shares could break and hold above 5p; we had a final dip to 4p which was frustrating. Still looking for a push toward 10p while the stock remains above the 5p area — a possible target by the end of next month.
- Hemogenyx Pharmaceuticals; This has been the quarter’s surprise. A few days ago we were around £2.23; initial targets were £2.30 and the top of a gap around £3.00. Since then the chart has improved and a move toward £4.25 (old December resistance) is now on the table — with the next extension toward £5.00 further out. Hold above £3.60 (prior resistance on the way down).
- ImmuPharma; We’re cautiously breaking the resistance line from January. Initial target 2.6p by the end of next month, supported by an RSI-50 rebound. Keep above 1.75p for the bullish case to remain valid.
- Mast Energy Developments; One of the year’s top performers — 24x YTD. Near-term target toward £2.25–£2.30 by the end of next month while remaining above the previous target at £1.40 (green line on the charts).
- RC Fornax; A name I hadn’t covered much previously. Looks like a falling channel base with a bear-trap rebound from below 11p. Above 11p the top of the channel projects toward 22p, perhaps as soon as the end of next month.
Conclusion
Overall, the picture this week is mixed: European indices look tired and vulnerable; the Dow remains relatively strong; Bitcoin and Ethereum need to prove their short-term trend strength; gold has just broken a key level and is now looking constructive. On the small-cap front there are plenty of actionable chart setups — some clear breakouts, some measured moves from pattern-based targets, and a few names that remain speculative and fundraising-sensitive.
I’ll be watching end-of-day closes closely — those are often decisive for confirming the setups above. More updates over the weekend.
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.
