The Direxion Daily Financial Bear 3X Shares (FAZ) & Daily Finan. Bull 3X Shs(ETF)(FAS) have been very active over the past six months. The following is technical analysis on Financial Bull ( FAS ) for 6/23/09. Knowing the support and resistance levels for FAS will help you trade FAZ.FAS Support and Resistance Levels - June 23, 2009
Resistance Levels: $8.60, $9.20, $10.00
Support Levels: $8.00, $7.88, $7
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FAS stock is back testing the $8 support level once again. As you can see, this has been a major support level over the past 6 months and when broken, there is huge downside risk. FAS closed significantly below the 50 day moving average on June 22, a bearish sign. I am looking to buy FAS in the $7 range for a bounce trade but clearly the trend is now down. If FAS can close back above the 10 day moving average I would get more bullish but for now, buy and sell quickly.
If you think the banks will run into more problems and the market will sell them off, buy the FAZ when FAS gets back to the 10 day moving average. If the downtrend is solid, FAS will fail each time these moving averages are tested. I will personally be buying FAZ when FAS trades near $10. For More Technical Analysis - Go Here
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