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, Afentra, Bezant, CloudCoco, 88 Energy, GenIP, Greatland, Helix, Jangada, Mendell, MobilityOne, Orosur, Pulsar, Phoenix, Serica.
The big theme running through all of it is this: markets are trying to stabilise, but they are still operating in falling channels and fragile momentum. In this environment, “better” often means “less bad”, and the important question is usually whether price can hold above key supports on an end of day close.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
FTSE 100: Stabilising, but the channel still matters
The FTSE 100 is sitting inside a falling trend channel and is currently around 10,030. The line in the sand is an end-of-day close above the red line around 10,030. If that happens, the market can start targeting higher levels.
Upside roadmap
- 10,220: the “older channel floor” (a near-term destination)
- 10,345: the 50-day line, which has blocked the market on two clear occasions
Downside roadmap
- 9,880: Friday support. Ideally, price stays above it.
There is some genuine improvement in the momentum picture. The FTSE bounced off an oversold RSI reading, and there is a “hooked up” configuration showing up. The bigger bullish tell, in theory, would be a continuation signal where price holds above a rising 200-day line. Still, you cannot assume safety while forces beyond technicals can still swing the tape.
DAX: Range bound, with a potential “doomsday” cycle warning
The DAX is trying to stabilise near older support around 22,100. The market’s current “fair” destination looks closer to the top of the current range around 23,100, not a runaway trend.
Key levels
- 22,100: support (from big May 2025)
- 23,100: range top target
There is also caution: the 50-day and 200-day lines are both falling, and the market is running into a dead-cross type setup. On top of that, there have been multiple RSI sub-50 failures, which usually clouds the outlook and can lead to retests of prior April support and, at minimum, a top forming.
To avoid the “doom scenario” for now, price action would need to show that stabilisation is real, not just a pause.
Dow: Oversold bounce possible, but the channel breakdown risk is real
The Dow is resting on the floor of a falling trend channel that dates back to December. That floor is around 45,100, and an end of day close below it opens up a deeper target.
Bear case target
- 43,100: lower parallel of the December falling channel
Bullish “delay the downside” condition
- Need a break above 45,300 on an end of day close
- Then it can head back toward the 200-day line around 46,500
RSI is oversold below 30, which is often where the Dow produces a bounce. Major indices can respond the same way. The question is whether this time it becomes a real reversal or just a relief rally.
Bitcoin: Bounces are being fought, with 65,000 as the psychological pivot
Bitcoin continues to struggle, bouncing at 65,000 which was the level hoped for. If it loses 65,000, the next downside conversation shifts toward 60,000 and potentially below.
If the recovery has legs
- Failure-free trading back toward 70,000 (top of the falling trend channel destination)
- The first upside port of call is likely the 50-day line around 68,700
For the sceptics, the timing matters. A cautious approach would be to wait for RSI to get back above the neutral 50 level (RSI is around the mid-40s at the moment). If a larger breakdown happens, another support line from last month becomes the potential target near 57,000.
Ethereum: Trying to outdo Bitcoin and holding the key support line
Ethereum is attempting to do what Bitcoin has not done consistently. It is through the 50-day line and is trading around the 2,030 area. On an end of day close basis, it is looking for the top of a falling trend channel from last month, with an eye toward 2,300 to 2,310.
What would “good enough” look like?
- Hold above 1,900, which has been reliable support recently
- Stay above it for the next week or two to make the channel-top target feasible
The structure is described as a kind of flag formation, potentially a bear flag or a bull flag. The 50-day line is falling, and RSI is still below 50, so it is not a clean “all clear” yet. A reasonable range assumption is roughly 4,300 to 4,600 based on the current construction. Another test of the 200-day line around 4,119 cannot be ruled out if support fails.
Crude oil (WTI): Technicals point to upside, but politics loves to interfere
Crude oil has a rising trend channel and is heading toward roughly $112. The assumption is that the floor of that channel sits around $91 (as adjusted for the current view).
Upside target
- $112
Breakdown warning trigger
- A bull trap would likely announce itself on a break below $95, which was the Thursday resistance area
Even if the chart looks supportive, oil can be heavily influenced by headline risk and political narrative. In other words, trade the level, but do not ignore the noise.
Small-Cap
Afentra: Back on the front foot with a rising trend channel aiming toward 96p by the end of next month, as long as it stays on the right side of 90p. There is also mention of an unfilled gap to the upside. The chart is showing repeated RSI 50 plus rebounds, which is generally a positive “trend continuation” backdrop.
Bezant: After bouncing off the 200-day line, Bezant is trying to align the rising trend channel (from autumn) so it sits parallel with the 200-day line. The initial target is about 1.1p, with cautious traders watching RSI back above neutral 50 before committing to a push higher.
CloudCoco: This one is noted as having the “silliest name” on the market, but the chart is what matters. CloudCoco has an extended RSI 50 rebound, a sideway shuffle above a rising 50-day line, and it is now breaking the 200-day line at around 0.20p. The target discussed is 0.32p by end of next month (or higher if momentum continues).
88 Energy: Overshot an earlier target around 1.8p, which now becomes the target again. If price stays above 1.5p and holds above 1.8p, the best-case scenario target is up to about 2.6p by roughly the end of May. Bullish triggers include RSI support behaviour, a golden cross earlier in the month, and a gap to the upside.
GenIP: Looks like it is trying to bounce along the bottom with a sideways trajectory. The key trigger is an end of day close back above resistance around 9.5p. If achieved, it could open a move toward February resistance near 11p. The bounce from below January support around 9p is framed as a potential “bear trap rebound”. In markets like this, any consistent buying can matter.
Greatland Resources: Disappointing, with earlier bull-trap behaviour (a double top) and multiple gap movements. The working thesis is a bear-trap gap reversal, with a target at least around the top of the last gap down near 805p. A key support area sits around the floor of the gap near 530p.
Helix (Helium plays): Close to the next milestone. The view is that the prior breakout targets are nearly done, and the next line drawn suggests an upside toward 56p, potentially by end of next month. The story is that multiple RSI 50 and RSI 50-plus rebounds have formed a solid breakout structure, with support references around 37p and especially above 40p.
Jangada Mines: Bouncing off the floor of a falling trend channel in what looks like a bear-trap rebound from below the 200-day line. The near-term objective is around the 50-day moving average near 1.85p over the next couple of weeks. Ideally, RSI needs to recover above neutral 50 (it is around 42 currently).
Mendell Helium: Has already hit 5.75p (the first target). The next target described is around 9.4p by end of May. The chart behaviour includes RSI 50 rebounds and RSI 50-plus rebounds since the end of the month. The key is staying above 5.75p and preferably above about 5.0p.
MobilityOne: Flagged as potentially in good form, with a rising 50-day line and a U-shaped bull flag described on the chart. The target is around 15p by end of next month while price is held above support just under 8p.
Orosur Mining: Is “going rather lower than we wanted”, but there is an attempt to locate the bottom of the channel. The first technical requirement is reclaiming the 200-day line around 20p. A cautious approach waits for that before expecting the next push. If 20p breaks, the 50-day moving average around 25p becomes the next target area by end of next month, while holding above roughly 15p.
Pulsar Helium: As having pushed through resistance (a named resistance line from August). The price action is now asking what the next level up is, with an upper parallel target heading as high as 170p by end of May, assuming price holds above the prior target area.
Phoenix Copper: Phoenix carries a turnaround hint via bullish divergence: lower lows in price near the end of March but a higher RSI trace. That kind of mismatch can act like a turnaround signal. The initial target is around 1.14p, with a further move toward the top of a gap near 2.0p if it breaks through the first resistance. The “hold it or lose it” support is around 0.95p.
Serica Energy: Pushing to new highs and is aiming for about 350p by end of next month, provided it stays above broken resistance around 287p on an end of day close basis. The RSI has not been properly below neutral 50 since January. It is also rising above both rising 50-day and 200-day lines, and the latest dip found support above the 50-day moving average. In short: it has a full set of technical ingredients.
The practical takeaway: “confirmation beats prediction”
Across the indices and the bulletin board names, the repeat message is simple:
- For upside calls, the charts want end of day confirmation above key levels and preferably RSI back above neutral 50.
- For downside risk, falling channels and oversold readings matter, and breaks of specific supports often accelerate moves quickly (Dow to 43,100, Bitcoin below 65,000, oil below 95).
Stabilisation is happening in places, and there are pockets of improving momentum in small caps. But until price closes reclaim the important lines, treat every bounce like it needs to earn its keep.
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.
