The Direxion Financial Bull 3X Shares (NYSE: FAS) and the Direxion Financial Bear 3X Shares (NYSE: FAZ) ETF's have been very active over the past six months. The following is technical analysis on Financial Bull ( FAS ) for 5/11/09. Knowing the support and resistance levels for FAS will help you trade FAZ.FAS Support and Resistance Levels - May 11, 2009
Resistance Levels: $12.53, $13.27, $15
Support Levels: $10.60, $10, $9.24
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FAS stock continues to be on fire but made a short term top at $13.27 and failed to close above the previous high of $12.53. These are two strong resistance levels which will bring in selling pressure. A break above $13.27 will take FAS back to the $15-$20 zone. Back in early January, FAS fell off a cliff when it broke $20 & $15. On the downside, $10 held Wednesday and the key retest on Thursday. A break below $10 would be bearish from a trading point of view...then i'd jump into FAZ. For More Technical Analysis - Go Here
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