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, ASOS, BMV, Defence Holdings, Delta Gold, Eurasia, Image Biometrics, ImmuPharma, Marechale, Pulsar, Panther, Raspberry Pi.
Markets are still being driven by a mix of technical levels, macro nerves, and momentum that can turn on a sixpence. Some charts are behaving neatly inside rising channels, some are stalling at key moving averages, and some, especially crypto, look properly bruised.
Here is the full technical picture across the major indices, commodities, and a run of individual shares that are setting up for the days and weeks ahead.
As always, do your own research and treat these as chart-based observations rather than hard recommendations
FTSE 100: rebound from channel support keeps the upside alive
The FTSE 100 has managed a useful bounce from the lower boundary of its rising trend channel. You can argue about the exact placement of the line, but the important point is that price respected that area and turned higher. With oil easing and the 50 day moving average starting to push up again, the chart still looks constructive.
The level that matters most in the near term is 10,370 on an end of day closing basis. A close through there would strengthen the case for a retest of the 10,550 area over the next few sessions.
On the downside, support sits around:
- 10,240
- 10,140 beneath that
For now, the expectation is that the index stays inside the rising trend channel rather than breaking down. If that remains the case, the best scenario is a move towards the top of the channel near 10,900 by the end of next month, which would bring the market back towards the record highs seen before the February geopolitical wobble.
There is also a nearer term resistance line to clear around 10,450. A break there would be another sign that the FTSE is ready to push on.
DAX: stuck near old resistance, but still leaning higher
The DAX is still hovering around the old January resistance zone near 25,000. The floor of the March rising trend channel comes in around 24,700, so the market is boxed into an important area.
Technically, there has been a golden cross with the 50 day moving average moving above the 200 day. Normally, the strongest phase tends to come before that signal rather than after it, and in this case the run-up has been underwhelming. Price has mostly shuffled around that January line rather than powering away.
Still, there are a couple of positives:
- RSI is holding above 50
- Price remains above channel support
That keeps 25,200 in play as an upside objective, with that level also lining up with an older resistance projection from roughly this time last year.
If the market does roll over, the main fallback area is around 24,100, where the 50 day and 200 day averages are clustered.
Dow: 50,000 remains the line in the sand
The Dow continues to behave well above the 50,000 mark, and that remains the key psychological and technical pivot. There is also an uptrend line from March now sitting near 50,300, which adds another layer of support.
The upside target has been 53,000 for a while, and that still looks achievable by the end of this month if the current structure holds.
On the downside, the weakest acceptable pullback would be towards:
- the 50 day moving average just below 49,000
- the mid May support area near 49,400
Even so, the main expectation is that the Dow stays on the right side of 50,000 ahead of that move higher.
Bitcoin: the bear channel is still in charge
Crypto continues to be the painful part of the chart sheet, and Bitcoin is the clearest example. The worrying setup has been a continued drift lower within a falling trend channel, and that channel points to much deeper levels if the current pressure persists.
There was an attempt to stabilise in March and April, and that rebound lasted longer than many expected. But price eventually ran into the 200 day moving average near 78,700, and in a bear market that average often acts as dynamic resistance. That is exactly what happened here.
The immediate support to watch is the February low around 60,000. If that gives way, the door opens to a much deeper decline, potentially into the 50,000s and even the 40,000s. At the current pace, the lower end of that range could come into view by late June or into July.
What would improve the picture?
- An end of day close back above the old March support at 65,000
That is what the bulls need. The one thing they can point to is an extremely oversold RSI reading around 16, which is roughly as stretched as conditions were back in February. Oversold can always get more oversold, but it is at least the sort of reading that can spark a rebound if sentiment turns.
Ethereum: weaker than Bitcoin and still sliding
Ethereum looks even more fragile. It has already broken below the old February support at roughly 1,760, and once that sort of level goes, the chart starts to look exposed.
The next major area is around 1,400, which lines up with old 2025 support. Unless Ethereum can reclaim 1,760 decisively, that lower level looks like the natural downside target.
RSI is even more oversold than Bitcoin at around 14, but so far that has not done much to stop the slide, with losses still running beyond 5 percent.
Gold: holding around the 200 day moving average
Gold is still hovering around its 200 day moving average, which comes in at 4,429. That line has been tradable in both directions over recent sessions, especially last week, and at the moment it remains the key pivot.
As long as there is no daily close back below 4,429, the working assumption is that gold can recover towards the 50 day moving average at 4,631.
That keeps the broader constructive case alive, even if price action has been messy rather than cleanly directional.
Crude oil: rejection at the 50 day average hurts the bulls
Oil has not done the bullish case many favours this week. The big issue is the failure at the 50 day moving average. When a market cannot reclaim that sort of level, it weakens the argument for a bigger upside move.
At the moment, the upside seems capped near $96 unless there is a sudden geopolitical shock. Without that kind of external jolt, the chart is leaning lower.
The key downside trigger is a break of $88. If that goes, the next move could be towards the $80 area.
There has also been an RSI failure around the neutral 50 zone, which is another bearish tell. For anyone trading from the short side, that is a fairly standard technical signal, with the stop anchored around the 50 day line.
Stock charts to watch
ASOS: trend channel points to more upside: ASOS has been moving around the 200 day moving average at 261p, but the broader setup still looks encouraging. Price is holding above that moving average and the RSI has rebounded from the 50 area, which usually gives a chart a bit more energy. The next objective is the top of the rising channel from March near 288p. If that breaks, the next target stretches up towards 319p to 320p. That move could happen over the coming days or weeks as long as the shares stay above the 200 day line.
Bluebird Mining: early signs of a recovery bounce: BMV has rallied sharply, up around 20 percent, helped by improving revenue news over the past couple of months. The chart bounced from the floor around 0.05p, and that gives it a platform for a recovery move. The best near term target is the 50 day moving average at 0.08p, potentially by the end of this month. It is still early in the move, so anyone taking a cautious approach might prefer to wait for RSI to clear the neutral 50 mark.
Defence Holdings: gap through the 50 day line is the key signal: Defence Holdings has reacted well, with price gapping above a rising 50 day moving average. That is often a solid technical signal in its own right. As long as the shares stay above 1.15p, the target becomes the 200 day moving average at 1.66p over the next couple of weeks. If you like straightforward chart triggers, a gap through a rising 50 day line usually gets attention.
Delta Gold: above broken resistance and pushing for more: Delta Gold has managed to hold above the broken resistance area at 135p, which is exactly what bulls would want to see after a breakout. The next hurdle is 157p, the resistance seen earlier in the week. A daily close above that should open the way to the long-standing target at 200p by the end of the month. RSI in the upper 50s leaves plenty of room for a fresh move higher, and the recent price action has been encouraging.
Eurasia Mining: needs a close above the 50 day average: Eurasia is pressing against the 50 day moving average at 2.81p. That is the trigger level to watch. An end of day close above it would signal scope for a move up to roughly 3.5p, where the December resistance line sits. That target could come into play by the end of the month. Like many of these smaller names, it may well rally and then fade again, but for now the chart only really improves once 2.81p is convincingly cleared.
Image Biometrics: breakout and golden cross potential: Image Biometrics has had a decent session, gapping through the 200 day moving average. There was already a top-of-channel target near 0.92p, and that remains a valid near term objective. What makes the chart more interesting is that both the 50 day and 200 day moving averages are rising, putting the shares on course for a golden cross. If that develops cleanly, the chart could have enough behind it to reach 1.2p by the end of next month. Ideally, the shares now stay above the 200 day line at 0.69p. The RSI has bounced twice from around the neutral 50 zone, which is another constructive sign.
ImmuPharma: quiet, but beginning to stir: ImmuPharma has been fairly subdued, but there are early signs that it may be starting to wake up. There has been an RSI rebound from the 50 area and a gap through the 50 day moving average. It is not a chart full of fireworks just yet, but it is a start. The cautious approach is to wait for an end of day close through 5p. If that happens, the next target becomes the 200 day moving average at 7p. Best case by the end of next month would be around 8.8p. What you do not want to see is a fresh drop below 4p.
Marechale Capital: as long as 4p holds, upside remains in play: Marechale has had a strong run on price action alone, and the important thing now is that the shares continue to hold above 4p. If they do, the best case target is somewhere in the 6.4p to 6.7p region by the end of this month. That 4p level is the reference point. Hold above it and the bullish structure remains intact.
Pulsar Helium: bear trap reversal and an inverted head and shoulders feel: Pulsar has one of the more interesting setups. Last month there was a bear trap style reversal, with a gap down followed by a gap up. That sort of action can often mark a turn, especially when it appears mid rally rather than after a long, tired advance. The chart also has the look of an inverted head and shoulders pattern. The immediate aim is for the shares to stay above 83p and then push towards 110p by the end of this month. Anyone taking a more cautious stance could wait for a break above the early June resistance at 96p, though that does risk surrendering part of the move.
Panther Metals: channel target still points higher: Panther remains inside a rising trend channel, and the top of that channel is now projecting towards 193p. That target is in play for the end of this month as long as the shares remain above the recent breakout area at 146p. So far, the breakout is behaving as it should.
Raspberry Pi: the target hit, and now the chart resets: Raspberry Pi produced the headline move of the day. The chart reached the £10 target that had been in place, with the session high just beyond that area. Once a target is hit, the chart needs updating, but the next obvious resistance line now points towards £12 by the end of this month, provided the shares continue to hold above the recent broken resistance around 924p.
For now, the trend remains very much in its favour.
What matters most from here
The broad pattern across markets is fairly clear.
- Equity indices still look resilient, with the FTSE, DAX and Dow all holding key support zones.
- Crypto remains under heavy pressure, and until Bitcoin and Ethereum reclaim broken support, rallies are likely to be treated with suspicion.
- Gold is trying to hold its 200 day line, which keeps the recovery case alive.
- Oil has weakened after failing at the 50 day average, shifting the near term bias lower.
- Several small and mid cap shares are showing classic technical setups such as gaps through moving averages, RSI rebounds, and breakout retests.
As ever, end of day closes matter more than intraday noise. Plenty of these charts are sitting right on trigger levels, so the next move should become clearer once those levels either hold or break.
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.
