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, Artemis, Carclo, Chill, Critical Minerals, Galileo, Genel, Greatland, GCM, Hemogenyx, Pensana, Smarter Web, and ValiRx.
In today’s market roundup, I run through the major indices, cryptocurrencies, gold and a slate of small-cap stocks that caught my eye. Below you’ll find the key support and resistance levels, moving average context, RSI clues and short-term price targets I’m watching heading into September.
Quick summary of the big picture
- FTSE: Bounced off June up‑trend near 9,180 , but looks stretched relative to the 200‑day moving average.
- DAX: Quiet price action just under the rising 50‑day; August support around 23,400 is crucial.
- Dow: Held above the old 45,000 resistance — a move toward 47,500 is possible quickly.
- Bitcoin & Ethereum: Bitcoin sitting near the low of its rising March channel (109), Ethereum showing steadier internals and a clear path to 5,500 .
- Gold: Above key April resistance and the 50‑day — I’m bullish while price holds above 3,400 .
- Selected small caps: Artemis, Carclo, Chill, Pensana, Hemogenyx, ValiRx and others show chart setups that deserve attention in the near term.
Major indices
FTSE 100
The FTSE bounced off the June up‑trend line around 9,180 (Friday’s low was 9,179 ). Short‑term upside targets are the record area and the resistance projection in the mid‑9300s (levels around 9,357–9,370 ), with a best‑case extension up to 9,520 by the end of next month if the channel holds.
Watch the breadth vs. moving averages: the market is roughly 600 points above the 200‑day moving average . Historically, similar overstretched readings (c. 500–600 points above the 200‑day) preceded sharp corrections — not a trigger by itself, but a warning. Also note we haven’t dipped below the 50‑day since early May.
DAX
Price action has been flat just below a rising 50‑day (around 24,000 ). The important near‑term support sits near the August lows at 23,400 . If that holds, the DAX can grind higher inside the broad rising channel toward 25,600 by month‑end or into next month.
Dow
The Dow remains constructive after holding the old 45,000 resistance level. A push to the top of last year’s rising channel around 47,500 is in play — momentum reads (RSI) look better than neutral and could help a quick run higher.
Cryptocurrencies
Bitcoin
Bitcoin is skirting the bottom of the rising March channel, sitting near $109,00 after testing down to $107,00 There’s falling RSI support around the 37 area. A decisive end‑of‑day break above the prior month’s resistance ($110,00 ) would open a move back to the 50‑day moving average just under $116,00 On the downside, near‑term support is 105 (July support).
Ethereum
Ethereum looks technically stronger. It’s holding a steep support line (the July red support) around 4,320 , and RSI has repeatedly bounced at neutral 50 since last month — RSI now 54 . A clean run to 5,500 by the end of the month is feasible if fundamentals or momentum tilt positive. Staying above 4,000–4,100 is the immediate technical requirement.
Gold
Gold successfully cleared the April resistance line near 3,410 and is comfortably above the 50‑day and the April‑onward rising channel (around 3,350 ). As long as price stays above ~ 3,400 , the chart points to upside toward 3,800 by next month. In short — bull mode until proven otherwise.
Selected stocks to watch
The small‑cap and explorer space is showing signs of life. Below are the setups I’m tracking, the levels I care about and short‑term targets where applicable.
Artemis
Event note: management presentation pencilled in for 5 September, 10:00am — worth tuning in.
Chart: multi‑day bounce off a rising 50‑day, plus a gap‑close buy signal in late July. I expect a breakout of the August falling channel with a target of 0.57–0.58 by month‑end while price remains above recent broken resistance and the 50‑day.
Carclo
Classic business setup. The stock has hit the top of a rising channel and is testing the near target of 56p . An end‑of‑day or end‑of‑week close above 56p would open the path toward 80p+ by the end of next month, provided it stays on the right side of recent resistance (50p). Recent news shows Carclo swung to an annual profit — a positive catalyst.
Chill Brands
Friday broke the key resistance at 1.7p. The share moved strongly today and the target on the bullish channel is 3.3p (month‑end target), with a sensible intermediate view of 3p+ by the end of next month. The 50/200 day lines appear poised to begin rising — watch for a golden cross.
Critical Minerals
Trading around the fourth/fifth target (3.8p). If price holds above 3.75p , the next target is 5p by month‑end, which would tie back to 2023 resistance.
Galileo Resources
Breaking out of the 2024 falling trend channel; current 1.1p . Look for a move to the top of the broadening triangle (1.5p) by the end of next month while staying above the recently broken 1p resistance.
Genel Energy
Nice second‑time break of the 200‑day moving average at 62p . The gap above suggests a fill to 71p , and a more ambitious run to 90p by the end of next month is plausible if momentum persists. RSI has rebounded above 60 , which is encouraging.
Greatland Gold
Bear‑trap/island reversal: the stock gapped down in late July and gapped up today — a classic turnaround pattern. An end‑of‑day close above the 50‑day (295p) would likely fill the gap toward 326p . Keep above recent broken resistance 275p and RSI 50 for the bullish case.
GCM Resources
After earlier praise and a dip back to 4p , the chart looks set for a second‑time‑lucky break of 5p . A move toward 10p by the end of this month is the upside target if the breakout holds and the sellers who were kicked out below 4p are cleared.
Hemogenyx
This was one of my great calls recently — multiple targets have been hit. The latest, ambitious target is around £9.26 by the end of the month, while maintaining above today’s intraday low (£5.82) on an end‑of‑day close. Fundraising and corporate issues remain a backdrop, but the chart is strong.
Pensana
Pensana exceeded the top of its channel (118p) and has since retraced. The upper parallel of the rising channel is heading toward 160p , which I see as a conservative end‑of‑next‑month target while price stays above the channel top (108p).
Smarter Web
Technical issues to resolve: RSI is at oversold (30), the 50‑day is falling and July resistance (130p) needs a clean end‑of‑day close to reverse the downtrend. Best case is a lift to 170p (old July support) if that happens. On the downside, 110p (old May resistance) and then the 200‑day (82p) are the levels to watch. Many peers are already below their 200‑day lines, which is a worrying sector context.
ValiRx
Today’s RNS looked tangible — the sort of concrete delivery the chart needed. Importantly, the shares are back above the 200‑day moving average (first time since early 2022), with the 200‑day sitting around 0.668p . Above that on an end‑of‑day close, I’m looking at 1.0–1.1p by the end of next month. The 50‑day is rising (0.058p) and the rally began with an unfilled gap to the upside — a classic constructive setup.
Key themes and risk points
- Overstretched indices : The FTSE’s distance from the 200‑day MA (~600 points) is a cautionary flag — it has preceded corrections before.
- Momentum confirmation : For many of these setups I want to see RSI rebounds above neutral 50 and clean end‑of‑day closes through key resistances (50‑day, channel tops, or gap fills).
- Sector context : The small‑cap explorer/developer space is improving, but some stocks (e.g., Smarter Web peers) are already below the 200‑day — watch for relative weakness.
““Above key moving averages and broken resistance levels, the chart points to upside; where moving averages are falling or price is far above the 200‑day, exercise caution.””
Wrap up
There’s a mixed but encouraging tone across markets: broad indexes are constructive but show some signs of being stretched, crypto is divided (Bitcoin a little wobbly, Ethereum firmer), gold remains bullish and a number of small caps are setting up for meaningful near‑term moves.
Keep an eye on the specific support/resistance and moving average levels listed above — they’ll tell you whether these charts continue to invite bullish plays or switch to risk‑off. I’ll be back with more updates tomorrow.
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.
