Zak Mir takes a charting look at S&P 500, Nasdaq 100, Above Food, Abits, AIRO, Future Fintech, LQR, Newegg, Pharvaris, Ruanyun, Unusual Machines, Workhorse.
Market Overview: S&P 500 and Nasdaq 100
The S&P 500 is currently showing a comfortable stance despite ongoing concerns around Trump’s tariff policies. The index is trading within a range between approximately 6200 and 6280 points. Since spring last year, the S&P has been forming a broadening triangle pattern, and it is now approaching a critical resistance zone near 6380. Staying above the 6200 level is crucial, with a potential breakout to the upside expected by the end of this month.
Similarly, the Nasdaq 100 reflects a comparable technical setup. The index is navigating a rising triangle pattern dating back to last year, aiming for a target near 23,200 points by month-end. Important support lies around 22,600, with a secondary fallback level near 22,200, which was a resistance point in February. The relative strength index (RSI) for the Nasdaq remains healthy at 66, indicating momentum without being overbought.
Key Stock Chart Breakdowns and Targets
Future Fintech
Future Fintech has shown renewed strength after a false breakout early in the month when the price briefly dipped below the channel floor at $66. The stock rebounded sharply, with an initial target around $320, which corresponds to the upper boundary of its rising trend channel. Looking ahead, the best-case scenario could see shares climbing as high as $520 by the end of July.
Abbottz Group
Abbottz Group is exhibiting a wide and well-established rising trend channel ranging roughly from $3 to $12. The stock is poised to push towards $12 or possibly $13 by the end of August, provided it holds above recent resistance near $5 and the 50-day moving average just below $4. An RSI rebound near 50 supports this positive outlook, with an intermediate target around $7, a previous resistance level from earlier this year.
Aerog Group
Despite limited charting data, Aerog Group’s technical setup is compelling. It is trading within a rising trend channel targeting $49 by the end of next month. Critical support lies above the broken resistance around $23, with the stock benefiting from holding above a recent gap fill near $24 on a daily close basis.
Future Fintech Momentum
Future Fintech experienced a one-day surge that ended with the shares closing near their high, signaling genuine buying momentum. This contrasts with a previous one-day spike in March that failed to hold. The stock remains above a key resistance level around $280 and is eyeing the top of its rising trend channel, possibly reaching $8 by the end of August.
LQR House
LQR House is recovering from a significant drop in March, now moving within a rising trend channel. The target price sits near $850, contingent on maintaining levels above recent broken resistance around $220. For more conservative investors, initial resistance around $380, corresponding to the May opening price, could be a nearer-term goal.
Newegg
Newegg has been a standout performer, hitting multiple targets rapidly, including the $40 mark. The stock’s next resistance projection from March 2023 points towards an ambitious $75 level, possibly achievable by the end of August or even sooner if it stays above the December 2023 peak near $42.
Pharvaris
Pharvaris shows a steady rising trend channel with a target near $30 by the end of July. The stock must maintain support above recent resistance in the $21 to $22 range, with the midpoint of Friday’s trading range serving as a key level to watch.
Unusual Machines
Unusual Machines continues its upward momentum within a rising trend channel. The stock aims for $1660, supported by holding above the June resistance level of $1060. Notably, the gap to the upside remains unfilled and well-supported by end-of-day closes, signaling strength. RSI also indicates robust momentum with multiple bounces around the neutral 50 level.
Workhorse
Workhorse presents an interesting setup with a U-shaped turnaround inside a falling trend channel. The stock is heading towards the channel top near $6.50 while staying above last week’s resistance near $3.89. This pattern resembles a classic cup and handle, suggesting the potential for a significant breakout in the near term.
Conclusion: Charting a Path Forward
As we progress through July, the broader market indices and a diverse range of individual stocks show promising technical patterns. The S&P 500 and Nasdaq 100 both approach key resistance levels with solid support underneath, while several stocks, from Future Fintech to Newegg and Workhorse, offer compelling opportunities for traders ready to capitalize on rising channels and breakout setups.
Staying vigilant on support and resistance levels, monitoring RSI for momentum clues, and watching for confirmed breakouts will be essential strategies in navigating the coming weeks. With multiple targets lined up across different sectors, now is an exciting time to engage with these chartbreakers and position for potential gains.
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.
