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 5/4/09. Knowing the support and resistance levels for FAS will help you trade FAZ.Fas Support and Resistance Levels - May 4, 2009
Resistance Levels: $9.00, $10.05
Support Levels: $7.00, $6.00
http://stockcharts.com - Chart
Discuss Stocks - http://stockstobuy.org
FAS stock has been trading sideways since quadrupling in one month. The volume has really died down as we await the stress test results due out May 7th. I like pullbacks to the 50 day moving average for a trade. FAS has solid support at $7.00 and if $7.00 is broken, I look for the 50 day moving average to be tested. As I have been saying for the past month, in order to trade FAZ stock you have to watch FAS. FAS is the stock in the uptrend and rules right now.
On the upside, FAS has major resistance at $9.50-$10.05....a close above this area would most likely take FAS up to test the next resistance level of $12.53. For FAZ, you might get a nice trading opportunity on a close over $9.12 as FAS goes back to retest the 50 day moving average. You have to use very tight stops due to the volatility!! For More Technical Analysis - Go Here
Today's Biggest Stock Market Gainers - Top 2009 Stock Gainers - Top 2009 Penny Stocks - FAS/FAS Group Message Board
For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free
