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 5/18/09. Knowing the support and resistance levels for FAS will help you trade FAZ.FAS Support and Resistance Levels - May 18, 2009
Resistance Levels: $ 9.30, $9.50, $10.00, $10.60, $12.53
Support Levels: $8.28, $8.09, $7.30
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FAS is trading between both the 10 and 50 day moving averages as it still remains in an uptrend. I am watching Thursday's low of $8.28 and the April 30th low of $8.09. If these do not hold, I think a retest of the 50 day moving average is in store. You can also trade FAZ based on this as well. On the upside, a close back above the 10 day moving average ( $10.08 ) would be bullish! I originally wanted FAS to gap down in pre market big time on Thursday and then rally after the open....this would have been a sign of capitulation selling I wanted to see to get long FAS. This did not play out so I will be looking for this in the future to get long or I will jump in on a close back above the 10 day moving average. For More Technical Analysis - Go Here
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