The Direxion Financial Bull 3X Shares EFT ( FAS ) and the Direxion Financial Bear 3X Shares EFT ( FAZ ) have been very active over the past six months. The following is technical analysis on Financial Bull ( FAS ) for 4/13/09. Knowing the support and resistance levels of FAS will help you trade FAZFas Support and Resistance Levels - April 13, 2009
Resistance Levels: $9.00
Support Levels: $7.80, $7.00
http://stockcharts.com - Chart
Fas stock broke out to the upside with the positive Wells Fargo earnings news. FAS was able to break up through that stubborn $7.80 resistance and ended up rallying hard at the end of the day. Support is now between $7.80-$8.00 per share. Pullbacks to this area will be met with many buyers. A close back below $7.80 would be very bearish and I will be buying FAZ stock.
So, how high can FAS go? There will be some tough resistance between $9.00-$9.30, a close above this area would take FAS to test $10.00. Next stop would be $11.75 if the buyers can push FAS through $10. For More Technical Analysis - Go Here
So, how high can FAS go? There will be some tough resistance between $9.00-$9.30, a close above this area would take FAS to test $10.00. Next stop would be $11.75 if the buyers can push FAS through $10. For More Technical Analysis - Go Here
For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free
