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Monday, April 20, 2009

FAS - FAZ Stock Analysis April 21, 2009

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 4/21/09. Knowing the support and resistance levels for FAS will help you trade FAZ.

Fas Support and Resistance Levels - April 21, 2009

Resistance Levels: $7.00, $8.00 $8.41, $10.05

Support Levels: $6.23, $5.86, $5.10, $5.00

FAS stock crashed below the 10 day moving average today similar to the down move in late March when FAS went under $5. The only difference is FAS is trading above the 50 day moving average and a close below this level on Tuesday would be very bearish. I will be watching $6.23 very closely as a close below this level could spark some additional sell pressure. The next level of support for FAS would be the early April low of $5.86. At one of these two levels, I expect a snap back rebound rally which I will be actively buying FAS for the bounce. Fas was just in the $9 on Friday.

As far as FAZ goes, if FAS closes under the 50 day moving average you will see traders really start to buy the FAZ as protection on their other investments. I am waiting for a close above $12.15 before i'd start to feel comfortable holding FAZ overnight. For traders, FAS and FAZ are the two best ETF's to trade in the stock market. For More Technical Analysis - Go Here

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