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 4/2/09. Knowing the support and resistance levels of FAS will help you trade FAZ.Fas Support and Resistance Levels - April 2, 2009
Resistance Levels: $6.00, $6.62, $7.00
Support Levels: $5.50, $5.00, $4.80, $.60
http://stockcharts.com - Chart
Since the crash back below the 10 day moving average on Monday, FAS is right back hitting up against the $6.00 level which is now resistance. A close over $6.00 will be a step in the right direction for FAS stock but the real test will continue to be at the 50 day moving average. When I see FAS break the 50 day moving average, I will get back into the stock. So far, FAS has failed to break the 50 day moving average since becoming an ETF. As for FAZ, I will be jumping into FAZ if FAS breaks back below $5.00 again. These two stocks are the only stocks I trade now. They have all the volatility you need!
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