The Direxion Financial Bull 3X Shares ETF ( FAS ) and the Direxion Financial Bear 3X Shares ETF ( FAZ ) have been very active over the past six months. The following is technical analysis on Financial Bull ( FAS ) for 4/15/09. Knowing the support and resistance levels of FAS will help you trade FAZ.Fas Support and Resistance Levels - April 15, 2009
Resistance Levels: $8.00, $8.70, $10.00
Support Levels: $7.80, $7.36, $7.00
http://stockcharts.com - Chart
FAS topped out at $10.05 on Monday which will be a key resistance level to watch in the future. Yesterday was the biggest down volume day in the history of FAS stock, something worth watch closely. I am watching $7.80 and and $7.36 very closely on a closing basis. $7.36 was the low on Thursday when we got the Wells Fargo news. $7.80 was the previous high from mid March which was broken, hence the run to $10. The good news is the low $6's have been a solid buying level and should atleast hold for a nice 10-15% bounce back into the $7's if we get there.
As for FAZ, FAS is still in the uptrend but if FAS closes below $7.36, there is a good chance to make money in FAZ. JP Morgan and Citigroup both report in the next two days..something to watch closely! To me, FAS and FAZ are the best day trading stocks out there! For More Technical Analysis - Go Here
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