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 Oil, Avacta, BMV, Energy Pathways, European Green, First Class, Great Southern, Hydrogen Utopia, Mercantile Ports, NARF, Strategic Minerals, Valereum, and Zenith.
Here’s the trading map for Thursday, the 9th of April, built around one simple idea: charts are all about levels. Not opinions, not vibes. Just where price has reacted before, where it’s likely to react again, and what the RSI is hinting about in the meantime.
As always, do your own research and treat these as chart-based observations rather than hard recommendations
FTSE 100: Rising channel, and the “end of day close” trigger
The FTSE 100 is sitting in a rising trend channel. The channel base is around 10315. The key bullish trigger is an end of day close through 10650. That’s the level the market would need to crack to get back nearer the highs. At the moment, that still feels a little optimistic, particularly with the wider “risk backdrop” in play. If 10650 does not come quickly, the next question becomes support: you may need to see a test towards the 50-day line around 10379 or the channel floor (the support zone near the low of the channel from back in October).
DAX: Trying to break out of a falling channel
The DAX is attempting to break out of a falling trend channel. It recently peaked around the 50-day line near 24100, with RSI in the low 50s. That’s important because those levels are often where reversals get decided: stay on the right side of the channel top, or slip back into the old range. A reference area here is around 23700 (channel top region). The upside objective is to fill the next gap higher, with a potential move as high as 24600. However, there’s an obvious “reality check” level: a natural block around the 50 and 200-day moving average area.
Dow: One tick for the bulls, then watch 48,300 and 46,700
The Dow managed a push towards the 50-day line, and it was so close it could almost be described as a “touch” (one tick for the bulls). The next upside level is 48,300, which also corresponds to the top of the falling trend channel. If the index can’t hold the breakout attempt, it may need to come back down to test resistance on the way lower, around 47,400. Support to respect in the meantime is the rising 200-day moving average around 46,700. RSI is in the upper 50s, supportive for buyers, especially if that moving average holds. There’s also a signal that traders tend to like: the market gapped up, described as a bear trap gap reversal from below the old November support. That sort of move can attract follow-through, as long as price remains above the 47,400 resistance area.
Bitcoin: Above the falling channel top
Bitcoin is still working on a move through the top of a falling trend channel. That channel top is roughly around 72,000. For the chart to “confirm” the breakout, you want an end of day close above 72,000. From there, the next resistance is the 75,000 area (last month’s resistance zone). If momentum carries, the downside-to-upside map points toward the old February resistance on the way down at around 79,000. On the other side, the 50-day line rising around 68,800 matters as a “keep it together” zone. The encouraging part here is RSI sitting around 57, which is in the sweet spot for further upside attempts. The condition is simple: stay above the 68,800 support region and hold any support that forms there.
Ethereum: Stuck under resistance, but 2063 is your line in the sand
Ethereum is in a slightly different position, being further from the top of its channel. It’s currently stuck below a resistance line around 2470. There’s also a key triangle boundary area around 2290 (the top of a converging triangle). An end of day close above 2290 would set up a move towards roughly 2480 on the next leg. If upside attempts fail, traders should be ready for the market to test back through support. The rising 50-day line around 2063 is the big one, especially if you’re looking for potential entry points.
Gold: Trying to stretch, but RSI is still below neutral
Gold is still trying to reach towards the 50-day line and the top of a falling trend channel from January. That target zone is around 4920. However, there is a nearby “must hold” support area: recent support around 4600. The missing ingredient is the RSI: it’s still below neutral 50 at around 46. And you also have the note that the 50-day line is falling. Taken together, that suggests the rebound phase after recovering from the 200-day line around the 1498 area may already have done most of what it can near term. Still, if support at 4600 holds and buyers show up again, gold can still reach for 4920.
WTI (Crude Oil): Zigzagging inside a rising channel
WTI is currently zigzagging within a rising trend channel. The channel floor is around $95 (and price should not be expected to break cleanly below it without a reason). The upside targets are tied to prior resistance on the way up: first around 105 and then up to 106 (more precisely). If the market doesn’t cooperate and retreats, the “don’t panic too early” support zone sits towards the mid-80s. The RSI has bounced back at around neutral 50, which helps maintain the idea that the floor at 95 should remain respected. Even so, the honest caveat stands: “what would make this market do that?” is the question you’d be asking if you are positioning for 105 to 106.
Key takeaway for the day
Across indices and the shares, the repeated pattern is that charts are asking for confirmation. Where possible, the most important phrases are:
- end of day close through a specific level (10650 for FTSE 100, 72,000 for Bitcoin, 2290/3p areas in specific crypto and stocks, 3.0p to 3.1p for Great Southern Copper)
- moving average zones acting like magnet levels (50-day and 200-day)
- RSI location (upper 50s is supportive, below neutral needs patience, divergence can be a turning signal)
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.
