Zak Mir takes a charting look at S&P 500, Nasdaq 100, Artelo, Cel-Sci, Ebang, Liminatus, Lixte, MP, Ming Teng, Newegg, Niocorp, Q32, Rimini, Toro.
Market Overview: S&P 500 and Nasdaq 100
The S&P 500 has been steadily climbing, approaching the upper boundary of a critical triangle pattern near 6400. Despite some overnight tariff-related concerns, the broader trend remains positive as long as the index holds above recent support around 6220. Zak anticipates that the S&P could reach 6400 by the end of July, or possibly stretch into August, maintaining an upward trajectory since late June.
Similarly, the Nasdaq 100 is targeting the 23,100 mark by the end of July. Recent support around 22,600 has held firm, and the risk of dipping back to the old November resistance near 22,200 appears low for now. This steady momentum suggests a bullish outlook for the tech-heavy index, as it pushes toward new highs.
Stock Highlights and Technical Targets
Artelo Biosciences (ARTL)
Artelo Biosciences continues to be a favorite among traders, demonstrating strong bounce points between $18 and $20. The stock is eyeing a retest of its recent highs near $25.60, with a longer-term target at the April resistance projection around $36 by the end of July. Holding above the $25.60 level is crucial for this bullish case to play out.
Cel-Sci Corporation (CVM)
Cel-Sci is attempting to regroup after a difficult period marked by a falling trend channel. The stock recently experienced a gap up following a gap down in May, which Zak identifies as a potential bear trap signaling a reversal. Initial upside targets include the 50-day moving average around $4.70, with a more optimistic goal near the old April support at $5.60.
Ebang International (EBON)
Ebang is showing promising strength with a rising trend channel and a double bottom formation around $3.20. It has surged past the 50-day moving average, and as long as it stays above recent resistance near $4.40, the stock could climb toward the top of its channel near $6.80 by the end of July.
Liminatus
Once a big winner, Liminatus has recently turned into a notable underperformer. Despite hitting previous targets, the stock has been pulled down sharply. Support is expected around the $5 level, with the first upside target being the 50-day moving average near $10.50.
Lixte Biotechnology (LIXT)
Lixte Biotechnology presents a textbook example of a V-shaped bull flag pattern. The stock’s minimum upside target is $5, particularly while it holds above the former resistance level near $3.55. This setup suggests a strong potential for upward momentum in the near term.
MP Materials (MP)
MP Materials has broken through resistance with a gap up and is currently moving within a rising channel. Support is expected to hold above $40, with the upper channel target near $58 potentially achievable by the end of July.
Ming Teng (MTE)
Ming Teng recently hit the top of its rising trend channel at $20 and looks poised to retest yesterday’s high around $22.35. The stock remains above recent resistance near $15.80, suggesting room for further gains.
Newegg Commerce (NEGG)
Newegg has been one of the best movers lately, clearing multiple targets with the third target at $23 already surpassed. The next near-term resistance lies at $41, a projection based on early 2024 resistance lines. Zak expects this level to be reached by the end of July.
Niocorp (NB)
Niocorp is trading within a wide rising trend channel, with a top target near $5.60 anticipated by the end of August. Staying above the 50-day moving average at $2.51 will be critical for maintaining this bullish outlook.
Q32 Bio
Q32 Bio’s chart has been unimpressive on the left side, but it now shows signs of strength with a rising trend channel base. The top of this channel is around $4, just shy of $4.60. The stock looks set to move higher as long as it stays above the February resistance level near $2.60.
Rimini Street (RMNI)
Rimini Street has an unfilled gap to the upside, with a channel top target around $6.90 expected by the end of August. The stock needs to stay above the old resistance around $4.20 and avoid closing below yesterday’s floor at $4.55 to keep this momentum intact.
Toro
Toro has also gapped up within a rising trend channel, supported by a sharply rising 50-day moving average. The top of the channel is near $3.90, a target achievable by the end of July, provided the stock remains above resistance near $2.50.
Conclusion
The market outlook for mid-July remains optimistic, with both the S&P 500 and Nasdaq 100 showing strong upward momentum and clear technical targets. Several individual stocks present compelling setups with defined support and resistance levels, offering potential opportunities for traders and investors alike.
Maintaining awareness of key support zones and watching for confirmation of trend channels will be essential for navigating the coming weeks. Keep an eye on these stocks and indices as they approach their projected targets, and stay tuned for further updates and analysis.
