Zak Mir takes a charting look at S&P 500, Nasdaq, Artelo, Basel, Carbon, Concorde, Creative Medical, Enigmatig, Epsium, Evoke, GameSquare, Nvidia, and SHF.
Market Overview: S&P 500 and Nasdaq Insights
Starting with the S&P 500, the index appears to be in a mini consolidation phase, holding steady above the 6200 mark. The momentum looks promising, with a strong likelihood of reaching 6360 by the end of July, or possibly sooner if current trends persist. A key technical indicator supporting this outlook is the Relative Strength Index (RSI), which has rebounded above the neutral 50 level—a historically reliable signal for upward price movement.
On the downside, if the market were to falter, the 6150 zone remains a critical support level. This area was previously resistance back in February, making it a significant floor to watch.
The Nasdaq is showing a similar bullish bias, nearing its 23,000 implied target. Recent support at 22,600 has held firm, suggesting the market is more inclined to push higher before any major pullback. Should a correction occur, a test of the February resistance level at 22,200 could be expected. However, the prevailing sentiment is that the Nasdaq is set to climb higher in the short term.
Stock Spotlights: Key Movers and Potential Targets
Artelo
Artelo has experienced a rather unusual surge recently. After breaking through resistance at $19 earlier this week, it’s now on track to retest intraday peaks near $25 in the coming days. This kind of volatility presents exciting opportunities, but also warrants caution.
Basel Medical
Basel Medical is currently forming a bear trap, highlighted by an unfilled gap to the upside through the 50-day moving average. A decisive end-of-day close above this moving average could signal a retest of the $7 level, which aligns with the top of the broadening triangle pattern formed since March. Conversely, if the stock reverses sharply, the gap floor around $2.30 could become a potential downside target.
Carbon Revolution
Carbon Revolution remains within a rising trend channel, with the top of the channel near $5.60. Maintaining support above the recent resistance level at $4 is crucial, as the best-case scenario points to a climb toward $8.80 by the end of next month. This target corresponds to the upper parallel of the February rising trend channel base.
Concord International
Concord International presents a bit more uncertainty regarding its upper resistance. However, the best estimate currently places the potential upside target around $40, provided the stock stays above recent intraday support near $22.40. This is a stock to watch closely as it attempts to break out.
Creative Medical
Creative Medical is navigating a rising trend channel with an implied target near $6.50 by the end of next month. The stock needs to hold above the March resistance level around $3.30 to maintain its upward momentum.
Enigmatic
Enigmatic is showing a classic U-shaped turnaround pattern. The recent breakout above $7, which served as resistance last week, opens the door for a rise toward $13 to $14 in the near term, assuming momentum remains strong.
Epsium
Epsium is also in a rising trend channel, with a sharply ascending 50-day moving average supporting the move. The top of the channel points to a target above $30 by the end of July, contingent on the stock stabilizing above its recently broken resistance at $17.50.
GameSquare
GameSquare has demonstrated considerable strength with a second recent gap up, a bullish indicator of market confidence. The pattern forms a triangle with a target price around $3.50 by the end of this month, so long as the stock remains above the gap floor at $1.70 on end-of-day closes.
Nvidia
Nvidia recently hit a remarkable milestone, becoming a $4 trillion company—an impressive feat fueled by the booming AI sector. The stock is still trending higher and is targeting the top of its September triangle pattern, near $168, by the end of July. Maintaining support around $157 will be key to sustaining this run.
SHF Holdings
Finally, SHF Holdings is positioned in a rising trend channel dating back to April. The target here is around $5.35, with the stock needing to hold above the recently broken resistance near $2.80 to keep the bullish case intact.
Conclusion: Watching for Momentum and Key Levels
The current market environment suggests a cautiously optimistic outlook across both major indices and select individual stocks. Key technical levels, such as support and resistance zones, trend channels, and moving averages, are proving vital in guiding potential price targets.
For traders and investors, keeping an eye on these critical thresholds will be essential in navigating the weeks ahead. The S&P 500 and Nasdaq both show signs of upward momentum, with several stocks positioned for notable gains, provided they maintain their respective support levels.
Stay tuned for more updates as the market evolves, and remember to watch those key technical signals—they often tell the story before the headlines do.
