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 5/5/09. Knowing the support and resistance levels for FAS will help you trade FAZ.FAS Support and Resistance Levels - May 5, 2009
Resistance Levels: $10.05, $10.51, $12.53
Support Levels: $8.05, $7.02
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FAS stock surged late in the day yesterday on low volume and is now testing the major resistance level of $10.05. The next levels to worry about are $10.51 and then $12.53.
On the down side, I would buy FAZ if FAS breaks up through $10.05 but cannot hold that level on a closing basis. I would also buy FAZ if FAS sees a run back to $12.53. For More Technical Analysis - Go Here
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