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, Arrow Exploration, Abingdon, Ascent, 88 Energy, First Class, Jadestone, Mendell, Pantheon, Prospex, Phoenix Copper, Touchstone, Union Jack Oil.
Markets remain mixed and largely range-bound, with a handful of clear technical signals to watch over the next few sessions. Short-term momentum is fragile in many places: a series of RSI failures and the positioning of the 50 and 200 day moving averages are determining whether indices and individual names pull back to lower support or find a base and rebound.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
Below are the practical levels, what they mean, and a few small-cap setups that deserve attention.
Major indices
FTSE 100
The FTSE managed to clear a tight resistance line intraday but remains capped by the 50-day moving average (10,350). If the market fails to close above that line then a test of the channel floor around 10,150 is a realistic near-term risk. The RSI shows a failure pattern around the neutral 50 mark — a decent early-warning that a downside continuation is possible unless we get a decisive end-of-day close back above the 50-day line.
DAX
The DAX looks messy and stuck in a wide post‑May range. Think of the area between roughly 23,000 (the low) and the 200-day line near 24,166 (near the top of the immediate trading zone). RSI weakness below 50 is present, but until one of the edges of the range is broken the picture remains non‑committal.
Dow Jones
Resistance held at the prior support area around 48,300, and the index slipped below that on Tuesday. The next magnet is the 200-day moving average (46,400), which sits near the channel floor and now looks like a likely test if the market cannot clear the 48k–48.3k zone. The 50-day is falling toward ~49,000 and RSI momentum is weak (below 40), so a clean recovery will need a proper, sustained break above the 48k level.
Cryptocurrencies
Bitcoin
Bitcoin is trading in a clear short-term range roughly between $65 and $72, with the occasional nudge higher to $74. The longer-term falling price channel dating from last August is still pressuring upside attempts. A move above the mid-70s could open a run toward the high 70s, but a breach back down toward the prior support area near ~60k remains plausible if momentum fails.
Ethereum
Ethereum has been the quieter sibling of Bitcoin but is showing a healthier structure: a range roughly $1,900–$2,150 with the RSI back above neutral 50. The near-term technical target is the 50-day moving average (~$2,188), while recent support near $2,000 is the key level to keep bullish momentum intact.
Commodities — gold stalled, oil volatile
Gold
Gold has lost its wide swings from late last year and now sits in a tight range. The actionable setup to watch is a pullback to the 50-day (4,935). Traders who want exposure can consider limit buys close to that line, as previous intraday probes to the 50-day have given short-term entry opportunities.
Crude Oil (WTI)
WTI remains wildly volatile, oscillating between the upper $70s and low $90s in recent sessions. The recent action looks like a slight bull trap through the mid‑$90s, leaving a near-term range of roughly $86–$96. Expect choppy trading and the potential for a partial or full retest of last week’s spike if momentum returns, but the current bias is to treat the market as range-prone until a clear breakout or breakdown appears.
Selected Small – Caps
Several AIM names and junior resource/energy stocks are showing tradable patterns: breakouts, gap fills, and RSI rebounds. Many of these moves are oil- or contract-driven, so macro commodity direction will matter.
- Arrow Exploration — sits well above the previous target (17p) with scope for the upper parallel of a broadening triangle near 24p by month‑end while staying above recent support near 18.5p. Positive contract news (circa $2.5m for an Abingdon‑type deal) and gap moves through resistance are constructive.
- Abingdon Health – good contract news, looking for 100.3p top of the raising channel, a taget for the end of April 14p.
- Ascent Resources — Litigation-driven stocks are worth watching as potential binary events. One example has moved above its 200-day (0.41p) with room toward the top of its channel near 0.66p by end April if the case outcome stays favourable.
- 88 Energy — A textbook V-shaped recovery off the floor of a rising channel at 1p. Initial target of 1.7p has been met and the next aim is the upper parallel near 2.66p by month‑end. Indicators are constructive: a golden cross of the 50/200 and an RSI rebound above 50.
- First Class Metals — Discovery news (visible gold) produced a bear‑trap gap reversal. The target is the top of the range and the 200-day near 2p by month‑end, with follow-through contingent on ongoing positive sentiment.
- Jadestone — Both the 50 and 200-day are rising and RSI has cleared 50. The share price is above the 50-day (24p) with scope toward 35p, helped by an unfilled upside gap.
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Mendell Helium — Shares hit the top of a channel near 5.6p. With global helium supply concerns (reports of reduced Iranian output), upside to 9–10p by the end of next month is possible if sentiment remains supportive.
- Pantheon — New leadership and a rising trend channel give a positive look. Maintain above initial March resistance (9p) and the market could re-rate toward 20p by the end of next month.
- Prospex — The stock has edged back above its 200-day (3.9p). Expect potential strength toward 5p over the next few weeks if momentum holds and the broken resistance at 3.6p acts as support.
- Phoenix Copper — Approach with caution given company history. A clean break back above the gap floor near 1.25p would open a move to 1.75p. Conservative traders should wait for the RSI to reclaim 50.
- Touchstone — Broke above the top of a falling trend channel at 10.5p. Targets sit around 16p (post‑August resistance), but a conservative entry needs an end‑of‑day close above the 200-day (11.9p).
- Union Jack Oil — One oil-related name hit an initial target near 3.8p. The next leg could take it to 5.4p next month if the oil price helps deliver momentum.
Practical checklist for traders this week
- Watch end-of-day closes around the 50-day and 200-day moving averages — they remain decisive for direction in many names.
- Use RSI as a confirmation tool — look for rebounds above 50 to validate upside continuations and failures below 50 to warn of downside follow-through.
- Set limit orders around proven support levels (for example near the 50-day) rather than chasing intraday spikes.
- Accept that many indices and commodities are trading in ranges — wait for clean breakouts before committing large positions.
- For litigation or contract-driven juniors, plan position sizing for binary outcomes and keep stop-losses tight.
Markets are offering selective opportunities rather than broad-based momentum. Stick to clear technical rules: confirm with moving averages, respect RSI signals, and favour entries on tested support or confirmed breakouts. 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.
