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 4/20/09. Knowing the support and resistance levels of FAS will help you trade FAZ.Fas Support and Resistance Levels - April 20, 2009
Resistance Levels: $10.05, $12.53
Support Levels: $8.70, $7.98
http://stockcharts.com - Chart
FAS stock is approaching previous resistance of $10.05 after successfully holding the 10 day moving average last week. A close below the 10 day moving average from this point on ( currently at $7.98 ) will be the first sign of weakness since late March. If FAS can close above $10.05 there is a possibility of testing $12.53 but I think FAS has run to far to fast and a pullback is likely. I am now trading FAZ unless FAS breaks up through $10.05.
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