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, Crude, Hemogenyx, Helix, Helium One, Insig AI, Mendell, Quadrise, Strategic Minerals, Sealand.
Here are the key technical levels and setups to have on your radar for Monday, the 23rd of March, across indices, crypto, commodities, and a handful of bulletin board names.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
The FTSE 100 is still trading within a falling channel (mapped since February) and is making progress in a negative way. The immediate question is not “will it drop?” but “where is the channel floor?”
- Likely next magnet: the 200-day line around 9614. A move here (even briefly intraday) would not be surprising.
- If it overshoots: next downside reference is the 9430 zone (November support). That would be the next line in the sand if 200-day fails.
- RSI timing: RSI is in oversold territory. Notably, RSI has not gone below 30 since April last year, which adds weight to the idea that this could be “close to the lows” rather than “early in the move”.
The DAX is showing the kind of weakness that takes you from “sell the rally” into “what if support breaks?” territory.
- Key upside target now: the top of the April gap around 21,700.
- Downside destination (gap fill risk): the bottom of the gap around 21,300. This is the sort of level where you might see brave limit orders appear.
- Bias pressure: the 50- and 200-day moving averages are both falling.
- Extra ominous factor: a “dead cross” (bearish crossover) is about a week or two away. Run-ups into those setups are often weaker than golden-cross runups.
- First sign things are improving: an end-of-day close back above today’s gap around 22,350.
Dow: Friday’s “freeze frame” is important here. The market initially looked like it might pause around the 45,400 October support area. Instead, the chart is pointing more toward:
- Next probable stop: 44,600 (August support).
- If that goes: the situation moves into “emergency mode”. The bigger picture still looks constructive in the context of the year so far, but the near-term chart doesn’t lie.
- Current spread-bet reference: Wall Street around 45,200, implying limited immediate downside before the next support test.
- RSI: already oversold, around 25. That often means you get a low attempt within a day or two, not weeks of grind.
Crypto
Bitcoin: relative strength, but still a “trend line to reclaim” story
Compared with equities, crypto is doing rather better. But don’t confuse “better” with “safe”.
- Failed attempts: RSI trend-ups have been repeatedly rejected, and holding the 50-day around 68,000 to 69,100 has also failed.
- Nearest downside target: 63,000 (recent support destination).
- RSI: below the neutral 50 level, and RSI failure matters. It suggests downside is still possible while price remains below the 50-day line.
Ethereum: clinging to the 50-day, with a clear “close back above” trigger
Ethereum looks ropey, but there’s a key difference versus many “breakdown” charts: it’s still trying to hold the 50-day moving average.
- 50-day moving average: around 2045. Price is just below it.
- Bull trigger: an end-of-day close back above the 50-day opens the door for a retest of resistance around 23 to 2400.
- RSI condition: RSI is below neutral 50 (around 45), which keeps the downside more likely at the moment.
- Downside target: around 1900, which matches February to March support.
Gold is the “shock horror” one. The chart setup suggests gold is heading for the same kind of test it has avoided for months.
- Primary target: the 200-day line around 4091.
- If it breaks and stays below: the next level down could be the old October support near 3900.
- Current reference (spot spread-bet): around 4245, which is not yet the nightmare scenario, but it still looks like “200-day first”.
- Historical note: gold hasn’t been below the 200-day line since November 2023. That’s a major reason traders will be paying attention to this area.
Crude oil: WTI is proving difficult to keep above $100. That does not mean it can’t rise. It means the market is pausing and re-evaluating.
- Range in force: roughly 92 to 102.
- Current zone: trading on the upper side of roughly 98 to 102.
- If it clears 102: $110 becomes a realistic upside prospect.
- RSI: stretched, but not alarmingly so. It is close to overbought.
- Important “if bulls need a rest” view: a retest toward $120 is not ruled out, especially if this is consolidation rather than reversal.
Small Caps
Hemogenyx: bear trap bounce, watching the neutral RSI level
- Setup: rebound from below the 50-day line (around 960p).
- Near target: the top of the range around £12 by the end of next month.
- Confirmation idea: be cautious until RSI pushes through the neutral 50 area (currently just under 48).
HeLIX Exploration: acceleration targets if key levels hold
- Helium feel stock: near 38p after clearing that level in the past.
- Next upside: toward 46p (June resistance projection), ideally within about a month.
- Another Helix play: Helix managed to nearly hit the 38p region, with the hope for acceleration while remaining above 35p.
Helium One: bullish with moving average reclaim logic
- Meaning of the bounce: reclaim of the 50- and 200-day lines supports the bullish thesis.
- RSI trend: uptrend appearing on the RSI window.
- Targets: around 0.08p for the initial run, with a best-case scenario toward 1.2p by the end of next month.
Insig Ai: falling wedge breakout candidate
- Setup: falling wedge breakdown and breakout potential, with the post-move follow-through in mind.
- Key levels: best-case toward 23p by end of next month, as long as price holds above 13p.
- Minimum upside reference: 16p.
Mental Helium: pushing toward the first target, watch old broken resistance
- Initial target: 5.75p.
- Best-case: up to 9p by end of next month.
- Condition: remain on the right side of old broken resistance around 4.5p (January resistance).
Quadrise: bullish divergence as price makes lower lows
One of the more interesting technical “twists” on the list is Quadraise, because it has that classic divergence look.
- Price action: lower lows for March.
- Momentum: higher RSI trace, which signals sellers might be losing control.
- Trigger: an end-of-day close above the latest gap around 1.65p.
- Target range: toward the 50-day line around 2.1p in the next 2 to 3 weeks.
- Best-case: up to 2.4p by end of next month.
Strategic Minerals: strong trend continuation (and the “rampers” have missed the point)
The chart here has been working, and it’s already exceeded earlier target thinking.
- Status: above 5.5p and continuing to push.
- Previous work: it’s been tracked since well below 1p to a target above 5.5p.
- Next reference: a fresh target toward 9p by end of next month.
Sealand Capital Galaxy: broadening triangle base with moving average targets
This is more “stop and hope” than anything certain, but the chart has enough shape to justify attention.
- Support base: broadening triangle support around 0.22p.
- Targets: top of the recent range, with the 50- and 200-day averages around 0.37p by end of next month.
- Momentum clue: bullish divergence is also present, with lower lows but a higher RSI trace.
A simple checklist for trading these chart conditions
- Use the moving averages as your “bias engine”: if the 50-day and 200-day are falling, rallies often struggle.
- Let RSI do the timing: oversold conditions (especially RSI in the low 20s or below 30) can signal exhaustion and a near-term bounce attempt.
- Confirm with end-of-day closes: breaks and reclaim signals are more meaningful when they stick after the close.
- Define your levels: treat channel floors, gap edges, and prior support zones as your map.
- Prefer limit orders near support: getting filled near the level being tested often beats chasing price as it moves away.
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.
